New Issue: Barclays sells $1.5 million 15% reverse convertibles linked to Energy Conversion

By Laura Lutz

Des Moines, Dec. 28 - Barclays Bank plc priced $1.5 million of 15% reverse convertible notes due Dec. 28, 2007 linked to Energy Conversion Devices, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Energy Conversion stock stays at or above the protection price, 70% of the initial price of $34.89, between Dec. 26, 2006 and Dec. 26, 2007, and finishes at or above the initial price.

Otherwise, the payout will be in Energy Conversion 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:	Energy Conversion Devices, Inc.
Amount:	$1.5 million
Maturity:	Dec. 28, 2007
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Energy Conversion stock stays at or above the protection price of $24.423 and finishes at or above the initial price; otherwise shares of Energy Conversion stock equal to $1,000 divided by the initial price
Initial price:	$34.89
Protection price:	$24.423, 70% of $34.89
Pricing date:	Dec. 26
Settlement date:	Dec. 29
Agent:	Barclays Capital
Agent fee:	3%

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