New Issue: Barclays sells $4 million 17.25% reverse convertibles linked to Arch Coal

By Laura Lutz

Washington, Jan. 30 - Barclays Bank plc priced $4 million of 17.25% reverse convertible notes due July 31, 2007 linked to Arch Coal, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Arch Coal stock stays at or above the protection price, 80% of the initial price of $29.31, between Jan. 26, 2007 and July 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Arch Coal 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:	Arch Coal, Inc.
Amount:	$4 million
Maturity:	July 31, 2007
Coupon:	17.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Arch Coal stock stays at or above the protection price of $23.448 and finishes at or above the initial price; otherwise shares of Arch Coal stock equal to $1,000 divided by the initial price
Initial price:	$29.31
Protection price:	$23.448, 80% of $29.31
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	Barclays Capital
Agent fee:	1.5%

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