New Issue: Barclays sells $2 million 12% reverse convertibles linked to Frontier Oil

By Jennifer Chiou

New York, March 29 - Barclays Bank plc priced $2 million of 12% reverse convertible notes due Sept. 28, 2007 linked to Frontier Oil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par in cash if Frontier Oil stock stays at or above the protection price, 80% of the initial price of $33.35, during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in Frontier Oil 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:	Frontier Oil Corp.
Amount:	$2 million
Maturity:	Sept. 28, 2007
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Frontier Oil stock stays at or above the protection price of $26.68 during the life of the notes and finishes at or above the initial share price; otherwise Frontier Oil shares equal to $1,000 principal amount divided by the initial price
Initial share price:	$33.35
Protection price:	$26.68, 80% of $33.35
Pricing date:	March 27
Settlement date:	March 30
Agent:	Barclays Capital
Fees:	1.625%

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