New Issue: Barclays sells $12 million 10% reverse convertibles linked to Valero Energy

By Jennifer Chiou

New York, Aug. 30 - Barclays Bank plc priced $12 million of 10% reverse convertible notes due Aug. 31, 2007 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Valero Energy stock stays at or above the protection price, 70% of the initial price of $60.39, between Aug. 28, 2006 and Aug. 28, 2007. Otherwise, the payout will be in Valero Energy 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:	Valero Energy Corp.
Amount:	$12 million
Maturity:	Aug. 31, 2007
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Valero Energy stock stays at or above the protection price of $42.273; otherwise shares of Valero Energy stock equal to $1,000 divided by the initial price
Initial price:	$60.39
Protection price:	$42.273, 70% of initial price
Pricing date:	Aug. 28
Settlement date:	Aug. 31
Calculation agent:	Barclays Capital

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