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Barclays to price 10.5% reverse convertibles linked to Apple
New York, June 3 - Barclays Bank plc plans to price 10.5% reverse convertible notes due June 30, 2011 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple shares fall below 80% 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 Apple 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 06740LX26.
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