New Issue: Barclays sells $1.5 million 10.4% reverse convertibles linked to Apache

By Jennifer Chiou

New York, June 15 - Barclays Bank plc priced $1.5 million of 10.4% reverse convertible notes due June 15, 2007 linked to Apache Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Apache stock stays at or above the protection price of $48.13, 80% of the initial price, between June 12, 2006 and June 12, 2007 or finishes at or above the $60.16 initial price. Otherwise, the payout will be in Apache stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Apache Corp.
Amount:	$1.5 million
Maturity:	June 15, 2007
Coupon:	10.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Apache stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $60.16 shares of Apache stock
Initial share price:	$60.16
Protection price:	$48.13, 80% of initial share price
Pricing date:	June 12
Settlement date:	June 15
Calculation agent:	Barclays Capital

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