New Issue: Barclays sells $1.5 million 11.5% reverse convertibles linked to Pilgrim's Pride

By Jennifer Chiou

New York, May 19 - Barclays Bank plc priced $1.5 million of 11.5% reverse convertible notes due May 25, 2007 linked to Pilgrim's Pride Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Pilgrim's Pride stock stays at or above the protection price of $20.94, 80% of the initial price, between May 19, 2006 and May 18, 2007 or finishes at or above the $26.18 initial price. Otherwise, the payout will be in Pilgrim's Pride 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:	Pilgrim's Pride Corp.
Amount:	$1.5 million
Maturity:	May 25, 2007
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Pilgrim's Pride 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 $26.18 shares of Pilgrim's Pride stock
Initial share price:	$26.18
Protection price:	$20.94, 80% of initial share price
Pricing date:	May 19
Settlement date:	May 26
Calculation agent:	Barclays Capital

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