New Issue: Barclays prices $2 million 9.25% notes linked to Lyondell

By Angela McDaniels

Seattle, Feb. 26 - Barclays Bank plc priced a $2 million offering of 9.25% reverse convertible notes due Feb. 27, 2008 linked to the common stock of Lyondell Chemical Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Lyondell stock falls below the protection level of $25.552 during the life of the notes and finishes below the initial share price of $31.94, in which case the payout will be a number of Lyondell shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Lyondell Chemical Co.
Amount:	$2 million
Maturity:	Feb. 27, 2008
Coupon:	9.25%, payable monthly
Payout at maturity:	If Lyondell falls below the protection level during the life of the notes and finishes below the initial share price, 31.3087 shares of Lyondell stock; otherwise, par
Initial share price:	$31.94
Protection level:	$25.552, 80% of $31.94
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	Barclays Capital Inc.
Agent fees:	2.5%

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