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Barclays to price 17.25% reverse convertibles linked to Apple
By Susanna Moon
Chicago, Aug. 8 - Barclays Bank plc plans to price an issue of 17.25% reverse convertible notes due Feb. 29, 2008 linked to Apple, Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock falls below the protection price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price.
The notes will price on Aug. 28 and settle on Aug. 31.
Barclays Capital will be the agent.
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