New Issue: Barclays sells $4 million 10.2% reverse convertibles linked to Las Vegas Sands

By E. Janene Geiss

Philadelphia, April 24 - Barclays Bank plc priced $4 million of 10.2% reverse convertible notes due April 23, 2008 linked to Las Vegas Sands Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Las Vegas Sands stock stays at or above the protection price, 65% of the initial price of $89.90, during the life of the notes and finishes at or above the initial 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.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Las Vegas Sands Corp.
Amount:	$4 million
Maturity:	April 23, 2008
Coupon:	10.2%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Las Vegas Sands stock stays at or above the protection price of $58.44 and finishes at or above the initial price; otherwise shares of Las Vegas Sands stock equal to $1,000 divided by the initial price
Initial price:	$89.90
Protection price:	$58.44, 65% of $89.90
Exchange ratio:	11.123
Pricing date:	April 20
Settlement date:	April 25
Agent:	Barclays Capital
Agent fee:	2.75%

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