New Issue: Barclays sells $3 million 9% reverse convertibles linked to Teva Pharmaceutical

By Jennifer Chiou

New York, July 26 - Barclays Bank plc priced $3 million of 9% reverse convertible notes due July 26, 2007 linked to 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 Pharmaceutical stock stays at or above the protection price of $24.68, 80% of the initial price, between July 25, 2006 and July 25, 2007 or finishes at or above the $30.85 initial price. Otherwise, the payout will be in Teva Pharmaceutical 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:	Teva Pharmaceutical Industries Ltd.
Amount:	$3 million
Maturity:	July 26, 2007
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Teva Pharmaceutical 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 $30.85 shares of Teva Pharmaceutical stock
Initial share price:	$30.85
Protection price:	$24.68, 80% of initial share price
Pricing date:	July 25
Settlement date:	July 26
Calculation agent:	Barclays Capital

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