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Barclays to price 10.25% reverse convertibles linked to Wyeth
By Laura Lutz
Des Moines, Feb. 11 - Barclays Bank plc plans to price 10.25% reverse convertible notes due Feb. 27, 2009 linked to the common stock of Wyeth, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Wyeth stock falls below the knock-in price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Wyeth shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
The notes are expected to price on Feb. 26 and settle on Feb. 29.
Barclays Capital Inc. is the underwriter.
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