New Issue: Barclays prices $4 million 8.5% reverse convertibles linked to Valero Energy

New York, May 14 - Barclays Bank plc priced $4 million of 8.5% reverse convertible notes due May 14, 2014 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 $27.16, 70% of the initial price of $38.80, during the life of the notes and finish below the initial price in which case the payout will be 25.773196 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:	$4 million
Maturity:	May 14, 2014
Coupon:	8.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valero Energy shares fall below the protection price of $27.16, 70% of the initial price, and finish below the initial price, in which case 25.773196 shares of Valero Energy stock
Initial price:	$38.80
Protection price:	$27.16, 70% of $38.80
Exchange ratio:	25.773196
Pricing date:	May 10
Settlement date:	May 15
Agent:	Barclays Capital
Cusip:	06741JZS1

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