New Issue: Barclays prices $1 million 13.25% notes linked to Sirius

By Angela McDaniels

Seattle, Oct. 30 - Barclays Bank plc priced a $1 million issue of reverse convertible notes due April 30, 2007 linked to Sirius Satellite Radio Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 6.625% for an annualized rate of 13.25%.

The payout at maturity will be par if Sirius stock stays at or above the protection price of $2.695 during the life of the notes and finishes at or above the initial price of $3.85. Otherwise, the payout will be a number of Sirius shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Sirius Satellite Radio Inc.
Amount:	$1 million
Maturity:	April 30, 2007
Coupon:	13.25%, payable monthly
Price:	Par
Payout at maturity:	Par unless Sirius falls below the protection price of $2.695 and finishes below the initial price of $3.85, in which case 259.74026 shares of Sirius stock
Initial share price:	$3.85
Protection price:	$2.695, 70% of initial share price
Pricing date:	Oct. 27
Settlement date:	Oct. 31
Agent:	Barclays Capital
Agent fees:	150 basis points

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