New Issue: Barclays sells $1.5 million 9% reverse convertibles linked to Noble

By Laura Lutz

Des Moines, Feb. 20 - Barclays Bank plc priced $1.5 million of 9% reverse convertible notes due May 22, 2008 linked to Noble Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

If Noble stock closes below 75% of its initial price during the life of the notes and finishes below its initial price, the payout will be a number of Noble shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Noble Corp. (NYSE: NE)
Amount:	$1.5 million
Maturity:	May 22, 2008
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	If Noble stock closes below 75% of initial price during life of notes and finishes below initial price, a number of Noble shares equal to par divided by initial price; otherwise, par
Initial price:	$48.92
Protection price:	$36.69, 75% of $48.92
Pricing date:	Feb. 19
Settlement date:	Feb. 22
Agent:	Barclays Capital Inc.
Fees:	1.5%

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