New Issue: Barclays prices $1 million 12% reverse convertibles linked to Chipotle

New York, July 24 - Barclays Bank plc priced $1 million of 12% reverse convertible notes due Oct. 24, 2007 linked to Chipotle Mexican Grill, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Chipotle stock falls below the protection price of $72.87, 85% of the initial price of $85.73, during the life of the notes and finishes below the initial price in which case the payout will be 11.664528 shares of Chipotle stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Chipotle Mexican Grill, Inc.
Amount:	$1 million
Maturity:	Oct. 24, 2007
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Chipotle stock falls below the protection price of $72.87, 85% of the initial price, and finishes below the initial price, in which case 11.664528 shares of Chipotle stock.
Initial price:	$85.73
Protection price:	$72.87, 85% of $85.73
Exchange ratio:	11.664528
Pricing date:	July 20
Settlement date:	July 25
Agent:	Barclays Capital
Agent fee:	1.65%

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