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Barclays to price 13% Buffered Reverse Convertibles linked to Wells Fargo
By Jennifer Chiou
New York, March 17 - Barclays Bank plc plans to price 13% annualized Buffered Reverse Convertibles Notes due Sept. 30, 2009 linked to Wells Fargo & Co. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wells Fargo shares end below 70% of the initial price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial price or the equivalent in cash plus a cash buffer payment of 30% of par.
The notes are expected to price on March 26 and settle on March 31.
Barclays Capital is the agent.
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