New Issue: Barclays sells $4 million 16.25% reverse convertibles linked to General Motors

By Jennifer Chiou

New York, April 30 - Barclays Bank plc priced $4 million of 16.25% annualized reverse convertible notes due Nov. 1, 2007 linked to General Motors Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if General Motors stock stays at or above the protection price, 75% of the initial share price of $31.56, during the life of the notes or finishes at or above the initial share price. Otherwise, the payout will be in General Motors 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:	General Motors Corp.
Amount:	$4 million
Maturity:	Nov. 1, 2007
Coupon:	16.25% annualized, payable monthly
Price:	Par
Payout at maturity:	Par in cash if General Motors stock stays at or above the protection price of $23.67 during the life of the notes or finishes at or above the initial share price; otherwise a number of GM shares equal to $1,000 divided by the initial price
Initial share price:	$31.56
Protection price:	$23.67, 75% of initial share price
Pricing date:	April 27
Settlement date:	May 2
Agent:	Barclays Capital
Fees:	2%

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