New Issue: Barclays sells $1 million 12.3% six-month reverse convertibles linked to Ciena

By E. Janene Geiss

Philadelphia, April 24 - Barclays Bank plc priced $1 million of 6.15% (12.3% annual equivalent) reverse convertible notes due Oct. 26, 2007 linked to Ciena Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Ciena stock stays at or above the protection price, 75% of the initial price of $28.40, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Ciena stock, with the number of shares equal to $1,000 divided by the initial share price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Ciena Corp.
Amount:	$1 million
Maturity:	Oct. 26, 2007
Coupon:	6.15% (12.3% annual equivalent), payable monthly
Price:	Par
Payout at maturity:	Par in cash if Ciena stock stays at or above the protection price of $21.30 and finishes at or above the initial price; otherwise shares of Ciena stock equal to $1,000 divided by the initial price
Initial price:	$28.40
Protection price:	$21.30, 75% of $28.40
Exchange ratio:	35.211
Pricing date:	April 20
Settlement date:	April 27
Agent:	Barclays Capital
Agent fee:	1.625%

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