New Issue: Barclays sells $1.5 million 7.75% reverse convertibles linked to Valero Energy

By Jennifer Chiou

New York, May 17 - Barclays Bank plc priced $1.5 million of 7.75% reverse convertible notes due Nov. 22, 2006 linked to Valero Energy Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Valero Energy stock stays at or above the protection price of 80% of the initial price between May 17 and Nov. 17 or finishes at or above the $60.70 initial price. Otherwise, the payout will be in Valero Energy 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:	Valero Energy Corp.
Amount:	$1.5 million
Maturity:	Nov. 22, 2006
Coupon:	7.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Valero Energy 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 $60.70 shares of Valero Energy stock
Initial share price:	$60.70
Protection price:	80% of initial share price
Pricing date:	May 17
Settlement date:	May 22
Calculation agent:	Barclays Capital

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