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Barclays to price 10.75% six-month reverse convertibles linked to U.S. Steel
By E. Janene Geiss
Philadelphia, April 2 - Barclays Bank plc plans to price an issue of 5.37% (10.75% annual equivalent) reverse convertible notes due Oct. 26, 2007 linked to United States Steel Corp. 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 U.S. Steel stock falls below the knock-in 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 U.S. Steel shares equal to $1,000 divided by the initial share price.
The notes will price April 20 and settle April 27.
Barclays Capital will be the agent.
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