New Issue: Barclays prices $1 million 9.25% reverse convertibles linked to Transocean

New York, June 29 - Barclays Bank plc priced $1 million of 9.25% reverse convertible notes due Dec. 27, 2007 linked to Transocean Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Transocean stock falls below the protection price of $88.64, 85% of the initial price of $104.28, during the life of the notes and finishes below the initial price in which case the payout will be 9.589567 shares of Transocean stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Transocean Inc.
Amount:	$1 million
Maturity:	Dec. 27, 2007
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Transocean stock stays at or above the protection price of $88.64 and finishes at or above the initial price; otherwise 9.589567 shares of Transocean stock
Initial price:	$104.28
Protection price:	$88.64, 85% of $104.28
Exchange ratio:	9.589567
Pricing date:	June 26
Settlement date:	June 29
Agent:	Barclays Capital
Agent fee:	1.625%

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