New Issue: Barclays sells $1 million 16% reverse convertibles linked to Sirius

By Laura Lutz

Washington, Jan. 30 - Barclays Bank plc priced $1 million of 16% reverse convertible notes due July 31, 2007 linked to Sirius Satellite Radio Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Sirius stock stays at or above the protection price, 80% of the initial price of $3.74, between Jan. 26, 2007 and July 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Sirius 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:	Sirius Satellite Radio Inc.
Amount:	$1 million
Maturity:	July 31, 2007
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Sirius stock stays at or above the protection price of $2.99 and finishes at or above the initial price; otherwise shares of Sirius stock equal to $1,000 divided by the initial price
Initial price:	$3.74
Protection price:	$2.99, 80% of $3.74
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	Barclays Capital
Agent fee:	2%

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