New Issue: Barclays sells $2.01 million 9% exchangeables linked to Merck

New York, March 15 - Barclays Bank plc priced $2.01 million of one-year 9% exchangeable notes linked to Merck & Co., Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Issuer:	Barclays Bank plc
Issue:	Exchangeable senior medium-term notes
Underlying stock:	Merck & Co., Inc.
Amount:	$2.014 million
Maturity:	March 16, 2006
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Merck stock closes lower than initial price of $32.16 and Merck stock closes below protection level at some point, in which case $1,000/$32.16 shares of Merck stock
Protection price:	$27.34, 85% of initial price of $32.16
Exchange ratio:	$1,000/$32.16
Exchange price:	$32.16 (initial level of Merck stock)
Call:	Non-callable
Pricing date:	March 11
Settlement date:	March 16
Lead manager:	Barclays Capital
Distribution:	Off shelf

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