New Issue: Barclays sells $6.77 million 12% exchangeables linked to U.S. Steel

New York, Feb. 24 - Barclays Bank plc priced $6.77 million of one-year 12% exchangeable notes linked to United States Steel Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Issuer:	Barclays Bank plc
Issue:	Exchangeable senior medium-term notes
Underlying stock:	United States Steel Corp.
Amount:	$6.773 million
Maturity:	Feb. 28, 2006
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless United States Steel stock closes lower than initial price of $57.79 and United States Steel stock closes below protection level at some point, otherwise $1,000/$57.79 shares of United States Steel stock
Protection price:	$40.45, 70% of initial price of $57.79
Exchange ratio:	$1,000/$57.79
Exchange price:	$57.79 (initial level of United States Steel stock)
Call:	Non-callable
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Lead manager:	Barclays Capital
Distribution:	Off shelf

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