New Issue: Barclays sells $2 million 9.1% reverse convertibles linked to Cisco

By Laura Lutz

Des Moines, April 23 - Barclays Bank plc priced $2 million of 9.1% reverse convertible notes due April 25, 2008 linked to Cisco Systems, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Cisco stock stays at or above the protection price, 80% of the initial price of $26.99, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Cisco 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:	Cisco Systems, Inc.
Amount:	$2 million
Maturity:	April 25, 2008
Coupon:	9.1%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Cisco stock stays at or above the protection price of $21.59 and finishes at or above the initial price; otherwise shares of Cisco stock equal to $1,000 divided by the initial price
Initial price:	$26.99
Protection price:	$21.59, 80% of $26.99
Pricing date:	April 20
Settlement date:	April 27
Agent:	Barclays Capital
Agent fee:	2%

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