New Issue: Barclays sells $1 million 9.5% reverse convertibles linked to Noble

By Laura Lutz

Washington, Jan. 30 - Barclays Bank plc priced $1 million of 9.5% reverse convertible notes due July 31, 2007 linked to Noble Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Noble stock stays at or above the protection price, 75% of the initial price of $71.58, between Jan. 26, 2007 and July 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Noble 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:	Noble Corp.
Amount:	$1 million
Maturity:	July 31, 2007
Coupon:	9.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Noble stock stays at or above the protection price of $53.685 and finishes at or above the initial price; otherwise shares of Noble stock equal to $1,000 divided by the initial price
Initial price:	$71.58
Protection price:	$53.685, 75% of $71.58
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	Barclays Capital
Agent fee:	1.5%

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