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Barclays to price 16% reverse convertibles linked to JetBlue
By Laura Lutz
Des Moines, Feb. 11 - Barclays Bank plc plans to price 16% reverse convertible notes due Aug. 29, 2008 linked to the common stock of JetBlue Airways Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If JetBlue stock falls below the knock-in price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of JetBlue shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on Feb. 26 and settle on Feb. 29.
Barclays Capital Inc. is the underwriter.
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