New Issue: Barclays sells $1 million 10% reverse convertibles linked to Sunoco

By Angela McDaniels

Seattle, Nov. 27 - Barclays Bank plc priced a $1 million issue of reverse convertible notes due May 24, 2007 linked to Sunoco, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay 5% for an annualized rate of 10%.

Payout at maturity will be par in cash unless Sunoco stock falls below the protection price of $48.90 during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Sunoco, Inc.
Amount:	$1 million
Maturity:	May 24, 2007
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Sunoco stock stays at or above the protection price of $48.90 and finishes at or above the initial price; otherwise 15.33742 shares of Sunoco stock
Initial price:	$65.20
Protection price:	$48.90, 75% of $65.20
Pricing date:	Nov. 21
Settlement date:	Nov. 28
Agent:	Barclays Capital
Agent fee:	1.575%

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