New Issue: Barclays prices $2.5 million 9.25% notes linked to Valero

By Angela McDaniels

Seattle, Feb. 26 - Barclays Bank plc priced a $2.5 million offering of 9.25% reverse convertible notes due Feb. 27, 2008 linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Valero stock falls below the protection level of $47.016 during the life of the notes and finishes below the initial share price of $58.77, in which case the payout will be a number of Valero shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Valero Energy Corp.
Amount:	$2.5 million
Maturity:	Feb. 27, 2008
Coupon:	9.25%, payable monthly
Payout at maturity:	If Valero falls below the protection level during the life of the notes and finishes below the initial share price, 17.01548 shares of Valero stock; otherwise, par
Initial share price:	$58.77
Protection level:	$47.016, 80% of $58.77
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Barclays Capital Inc.
Agent fees:	2.5%

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