New Issue: Barclays prices $2 million 10.5% exchangeables linked to Fluor

By Jennifer Chiou

New York, July 25 - Barclays Bank plc priced a $2 million issue of 10.5% exchangeable notes due July 26, 2007 linked to Fluor Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors will receive par unless Fluor stock finishes below the initial price and falls below the protection price of $59.14, 70% of the initial share price, between July 21, 2006 and July 20, 2007, in which case the payout will be $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Fluor Corp.
Amount:	$2 million
Maturity:	July 26, 2007
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Fluor stock stays at or above the protection price of $59.14 during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $84.49 shares of Fluor stock
Initial share price:	$84.49
Protection price:	$59.14, 70% of initial share price
Pricing date:	July 21
Settlement date:	July 26
Calculation agent:	Barclays Capital

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