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Barclays to price 8.4% reverse convertibles linked to Wells Fargo
New York, June 9 - Barclays Bank plc plans to price 8.4% reverse convertible notes due June 30, 2011 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 fall below 75% of the initial price during the life of the notes and finish below 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.
The notes are expected to price on June 25 and settle on June 30.
Barclays Capital is the agent.
The Cusip number is 06740L6R1.
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