By Toni Weeks
San Diego, July 19 - Barclays Bank plc priced $3.5 million of 10.35% single observation callable reverse convertible notes due July 20, 2012 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Valero stock closes at or above the initial share price on Oct. 20, Jan. 20, 2012 or April 20, 2012.
If the notes are not called and the final share price is at least 75% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of Valero shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Single observation callable reverse convertible notes
|
| Underlying stock: | Valero Energy Corp. (Symbol: VLO)
|
| Amount: | $3.5 million
|
| Maturity: | July 20, 2012
|
| Coupon: | 10.35%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to protection price, par; otherwise, 39.588282 Valero shares
|
| Call: | Automatically at par if Valero stock closes at or above initial share price on Oct. 20, Jan. 20, 2012 or April 20, 2012
|
| Initial share price: | $25.26
|
| Protection price: | $18.95, 75% of initial share price
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.75%
|
| Cusip: | 06741JKX6
|
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