New Issue: Barclays prices $400,000 9.5% reverse convertibles linked to Valero Energy

New York, March 29 - Barclays Bank plc priced $400,000 of 9.5% reverse convertible notes due March 28, 2013 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Valero Energy shares fall below the protection price of $22.02, 80% of the initial price of $27.52, during the life of the notes and finish below the initial price in which case the payout will be 36.337209 shares of Valero Energy stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Valero Energy Corp. (Symbol: VLO)
Amount:	$400,000
Maturity:	March 28, 2013
Coupon:	9.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valero Energy shares fall below the protection price of $22.02, 80% of the initial price, and finish below the initial price, in which case 36.337209 shares of Valero Energy stock
Initial price:	$27.52
Protection price:	$22.02, 80% of $27.52
Exchange ratio:	36.337209
Pricing date:	March 27
Settlement date:	March 30
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06741JSM2

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