By Marisa Wong
Milwaukee, May 27 - Barclays Bank plc priced $1.5 million of 15.5% annualized callable reverse convertible notes due Nov. 30, 2010 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Wells Fargo stock closes at or above the initial share price on July 23 or Sept. 23.
The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $17.34, 60% of the initial price of $28.90, during the life of the notes and finish below the initial price, in which case the payout will be 34.602076 shares of Wells Fargo stock.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
|
| Amount: | $1.5 million
|
| Maturity: | Nov. 30, 2010
|
| Coupon: | 15.5% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Wells Fargo shares fall below the protection price of $17.34, 60% of initial price, during life of notes and finish below initial price, in which case 34.602076 shares of Wells Fargo stock
|
| Call: | Automatically at par if Wells Fargo stock closes at or above initial share price on July 23 or Sept. 23
|
| Initial price: | $28.90
|
| Protection price: | $17.34, 60% of $28.90
|
| Exchange ratio: | 34.602076
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740LQ99
|
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