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Barclays plans 15% buffered reverse convertibles linked to SunPower
By Jennifer Chiou
New York, May 15 - Barclays Bank plc plans to price 15% annualized buffered reverse convertible notes due Nov. 30, 2009 linked to SunPower Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par unless the stock ends below 80% of the initial price, in which case investors will receive a number of SunPower shares equal to $1,000 divided by the initial share price plus the 20% buffer or, at Barclays' option, the equivalent value in cash.
The notes are expected to price on May 26 and settle on May 29.
Barclays Capital is the agent.
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