New Issue: Barclays sells $4.5 million 10.75% reverse convertibles linked to Schlumberger

By Angela McDaniels

Seattle, Sept. 19 - Barclays Bank plc priced $4.5 million of 10.75% reverse convertible notes due Sept. 21, 2007 linked to Schlumberger NV stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Schlumberger stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of shares of Schlumberger stock equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Schlumberger NV
Amount:	$4.5 million
Maturity:	Sept. 21, 2007
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Schlumberger stock stays at or above the protection price of $42.21 during the life of the notes or finishes above its initial price of $56.28; otherwise 17.7683 shares of Schlumberger stock
Initial share price:	$56.28
Protection price:	$42.21, 75% of initial price
Pricing date:	Sept. 15
Settlement date:	Sept. 22
Agent:	Barclays Capital, Inc.

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