New Issue: Barclays sells $2 million 8% reverse convertibles linked to Teva

By Laura Lutz

Washington, Dec. 22 - Barclays Bank plc priced $2 million of 8% reverse convertible notes due Dec. 27, 2007 linked to American Depositary Receipts representing Teva Pharmaceutical Industries Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Teva ADRs stay at or above the protection price, 80% of the initial price of $31.41, between Dec. 21, 2006 and Dec. 21, 2007 and finish at or above the initial price.

Otherwise, the payout will be a number of Teva ADRs equal to $1,000 divided by the initial price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Teva Pharmaceutical Industries Ltd.
Amount:	$2 million
Maturity:	Dec. 27, 2007
Coupon:	8%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Teva ADRs stay at or above the protection price of $25.13 and finish at or above the initial price; otherwise Teva ADRs equal to $1,000 divided by the initial price
Initial price:	$31.41
Protection price:	$25.13, 80% of $31.41
Pricing date:	Dec. 21
Settlement date:	Dec. 29
Agent:	Barclays Capital
Agent fee:	2.25%

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