New Issue: Barclays sells $1 million 9% reverse convertibles linked to Sony

By Laura Lutz

Des Moines, Sept. 28 - Barclays Bank plc priced $1 million of 9% reverse convertible notes due Sept. 28, 2007 linked to Sony kk stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Sony stock stays at or above the protection price, 80% of the initial price of $40.86, between Sept. 22, 2006 and Sept. 21, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Sony stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Sony kk
Amount:	$1 million
Maturity:	Sept. 28, 2007
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Sony stock stays at or above the protection price of $32.69 and finishes at or above the initial price; otherwise shares of Sony stock equal to $1,000 divided by the initial price
Initial price:	$40.86
Protection price:	$32.69, 80% of 40.86
Pricing date:	Sept. 22
Settlement date:	Sept. 29
Agent:	Barclays Capital

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