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Barclays to price 20% buffered reverse convertibles linked to SunPower
By Angela McDaniels
Tacoma, Wash., Jan. 5 - Barclays Bank plc plans to price buffered reverse convertible notes due April 15, 2009 linked to the common stock of SunPower Corp., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 5% for an annualized coupon of 20%. 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 SunPower shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash in lieu of the shares.
The notes are expected to price on Jan. 9 and settle on Jan. 14.
Barclays Capital Inc. is the agent.
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