Barclays plans 11.5% buffered reverse convertibles linked to Apple

By Susanna Moon

Chicago, Dec. 1 - Barclays Bank plc plans to price 11.5% annualized buffered reverse convertible notes due June 10, 2009 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par unless the final share price is less than the buffer level - 75% of the initial price - in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price plus a cash amount equal to par and the buffer level, or at Barclays' option, an equivalent amount in cash.

The notes are expected to price on Dec. 5 and settle on Dec. 10.

Barclays Capital Inc. is the agent.

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