New Issue: Barclays prices $1.5 million 13.5% reverse convertibles linked to Hess

New York, July 30 - Barclays Bank plc priced $1.5 million of 13.5% reverse convertible notes due July 27, 2009 linked to Hess Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Hess shares fall below the protection price of $56.99, 60% of the initial price of $94.99, during the life of the notes and finish below the initial price in which case the payout will be 10.527424 shares of Hess stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Hess Corp. (Symbol: HES)
Amount:	$1.5 million
Maturity:	July 27, 2009
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Hess shares fall below the protection price of $56.99, 60% of the initial price, and finish below the initial price, in which case 10.527424 shares of Hess stock
Initial price:	$94.99
Protection price:	$56.99, 60% of $94.99
Exchange ratio:	10.527424
Pricing date:	July 28
Settlement date:	July 30
Agent:	Barclays Capital
Fees:	2.5%

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