By Angela McDaniels
Tacoma, Wash., Oct. 18 - Barclays Bank plc priced an additional $5 million of 9.25% reverse convertible notes due Sept. 30, 2011 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $6 million. The original $1 million of notes priced Sept. 27.
The payout at maturity will be par in cash unless JPMorgan shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of JPMorgan shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $6 million, increased from $1 million
|
| Maturity: | Sept. 30, 2011
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless JPMorgan shares fall below protection price during life of notes and finish below initial price, in which case 25.608195 shares of JPMorgan stock
|
| Initial price: | $39.05
|
| Protection price: | $29.29, 75% of $39.05
|
| Pricing dates: | Sept. 27 for $1 million; Oct. 18 for $5 million
|
| Settlement dates: | Sept. 30 for $1 million; Oct. 19 for $5 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.1%
|
| Cusip: | 06740PPU4
|
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