New Issue: Barclays sells $1.75 million 14% reverse convertibles linked to Las Vegas Sands

By Laura Lutz

Washington, Feb. 22 - Barclays Bank plc priced $1.75 million of 14% reverse convertible notes due Aug. 24, 2007 linked to Las Vegas Sands 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 Las Vegas Sands stock stays at or above the protection price, 70% of the initial price of $91.93, during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in Las Vegas Sands 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:	Las Vegas Sands Corp.
Amount:	$1.75 million
Maturity:	Aug. 24, 2007
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Las Vegas Sands stock stays at or above the protection price of $64.351 during the life of the notes and finishes at or above the initial share price; otherwise 10.87784 shares of Las Vegas Sands stock
Initial share price:	$91.93
Protection price:	$64.351, 70% of $91.93
Pricing date:	Feb. 21
Settlement date:	Feb. 26
Agent:	Barclays Capital
Agent's fee:	1.5%

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