New Issue: Barclays sells $500,000 7% reverse convertibles tied to Sanderson Farms

By Toni Weeks

San Luis Obispo, Calif., Sept. 18 – Barclays Bank plc priced $500,000 of 7% reverse convertible notes due Sept. 21, 2015 linked to Sanderson Farms, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

A knock-in event occurs if the share price closes below the knock-in barrier price, 80% of the initial price, on any day during the life of the notes.

The payout at maturity will be par if the final price is equal to or greater than the initial price or if the stock return is negative but a knock-in event has not occurred. If the final price is less than the initial price and a knock-in event has occurred, the payout will be par plus the stock return or, at the issuer’s option, a number of Sanderson Farms shares equal to $1,000 divided by the initial share price.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Sanderson Farms, Inc. (Symbol: SAFM)
Amount:	$500,000
Maturity:	Sept. 21, 2015
Coupon:	7%, payable monthly
Price:	Par
Payout at maturity:	Par if Sanderson Farms stock finishes at or above initial share price or stock return is negative but a knock-in event never occurred; if final price is less than initial price and knock-in event occurred, par plus stock return or, at issuer’s option, 11.12471 Sanderson Farms shares
Initial share price:	$89.89
Protection price:	$71.91, 80% of initial share price
Pricing date:	Sept. 16
Settlement date:	Sept. 19
Agent:	Barclays
Fees:	2%
Cusip:	06741JW88

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