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Barclays to price 10% buffered reverse convertibles linked to Schlumberger
By Angela McDaniels
Tacoma, Wash., Dec. 8 - Barclays Bank plc plans to price 10% annualized buffered reverse convertible notes due June 26, 2009 linked to the common stock of Schlumberger NV (Schlumberger Ltd.), according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the final share price is less than 75% of the initial price, in which case the payout will be $250 in cash plus a number of Schlumberger shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash instead of the shares.
The notes are expected to price Dec. 23 and settle Dec. 31.
Barclays Capital Inc. is the agent.
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