New Issue: Barclays prices $1 million 12.5% notes linked Toll Brothers

By Angela McDaniels

Seattle, April 16 - Barclays Bank plc priced a $1 million issue of reverse convertible notes due Oct. 17, 2007 linked to the common stock of Toll Brothers, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay 6.25% for an annualized rate of 12.5%. Interest will be payable monthly.

The payout at maturity will be par unless Toll Brothers stock falls by more than 25% during the life of the notes and finishes below the initial share price of $27.74, in which case the payout will be a number of Toll Brothers shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the decrease in the share price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Toll Brothers, Inc.
Amount:	$1 million
Maturity:	Oct. 17, 2007
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	If Toll Brothers stock falls by more than 25% during the life of the notes and finishes below the initial share price, 36.04903 Toll Brothers shares or, at Barclays' option, par minus the share price decline; otherwise, par
Initial share price:	$27.74
Pricing date:	April 13
Settlement date:	April 18
Agent:	Barclays Capital
Agent fees:	1.625%

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