New Issue: Barclays prices $1.5 million 10.75% reverse convertibles linked to Yahoo!

By Angela McDaniels

Seattle, July 25 - Barclays Bank plc priced $1.5 million of 10.75% reverse convertible notes due July 26, 2007 linked to Yahoo! Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Yahoo! stock falls below the protection price between July 24, 2006 and July 24, 2007 and finishes below the initial price, in which case the payout will be a number of shares of Yahoo! stock equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Yahoo! Inc.
Amount:	$1.5 million
Maturity:	July 26, 2007
Coupon:	10.75%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Yahoo! stock stays at or above the protection price of $19.04 during the life of the notes or finishes at or above the initial price; otherwise 36.76471 shares of Yahoo! stock
Initial share price:	$27.20
Protection price:	$19.04, 70% of initial share price
Pricing date:	July 21
Settlement date:	July 26
Underwriter:	Barclays Capital Inc.

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