New Issue: Barclays prices $750,000 12.65% reverse convertibles linked to Seagate

By Marisa Wong

Milwaukee, April 30 - Barclays Bank plc priced $750,000 of 12.65% annualized reverse convertible notes due July 30, 2010 linked to Seagate Technology shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless Seagate shares fall below the protection price of $15.70, 80% of the initial price of $19.63, during the life of the notes and finish below the initial price, in which case the payout will be 50.942435 shares of Seagate stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Seagate Technology (Symbol: STX)
Amount:	$750,000
Maturity:	July 30, 2010
Coupon:	12.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Seagate shares fall below the protection price of $15.70, 80% of the initial price, and finish below the initial price, in which case 50.942435 shares of Seagate stock
Initial price:	$19.63
Protection price:	$15.70, 80% of $19.63
Exchange ratio:	50.942435
Pricing date:	April 27
Settlement date:	April 30
Agent:	Barclays Capital Inc.
Fees:	0.15%
Cusip:	06740LCJ2

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