New Issue: Barclays sells $1 million 12.25% reverse convertibles linked to CVRD

By Jennifer Chiou

New York, April 30 - Barclays Bank plc priced $1 million of 12.25% annualized reverse convertible notes due Nov. 1, 2007 linked to Companhia Vale do Rio Doce stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Companhia Vale do Rio Doce stock stays at or above the protection price, 80% of the initial share price of $41.33, during the life of the notes or finishes at or above the initial share price. Otherwise, the payout will be in Companhia Vale do Rio Doce stock, with the number of shares equal to $1,000 divided by the initial share price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Companhia Vale do Rio Doce
Amount:	$1 million
Maturity:	Nov. 1, 2007
Coupon:	12.25% annualized, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Companhia Vale do Rio Doce stock stays at or above the protection price of $33.064 during the life of the notes or finishes at or above the initial share price; otherwise a number of shares equal to $1,000 divided by the initial price
Initial share price:	$41.33
Protection price:	$33.064, 80% of initial share price
Pricing date:	April 27
Settlement date:	May 2
Agent:	Barclays Capital
Fees:	2%

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