New Issue: Barclays prices $1.5 million 17.25% reverse convertibles linked to IndyMac Bancorp

New York, June 29 - Barclays Bank plc priced $1.5 million of 17.25% reverse convertible notes due Dec. 27, 2007 linked to IndyMac Bancorp, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless IndyMac Bancorp stock falls below the protection price of $25.02, 80% of the initial price of $31.28, during the life of the notes and finishes below the initial price in which case the payout will be 31.969309 shares of IndyMac Bancorp stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	IndyMac Bancorp, Inc.
Amount:	$1.5 million
Maturity:	Dec. 27, 2007
Coupon:	17.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if IndyMac Bancorp stock stays at or above the protection price of $25.02 and finishes at or above the initial price; otherwise 31.969309 shares of IndyMac Bancorp stock
Initial price:	$31.28
Protection price:	$25.02, 80% of $31.28
Exchange ratio:	31.969309
Pricing date:	June 26
Settlement date:	June 29
Agent:	Barclays Capital
Agent fee:	1.625%

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