New Issue: Barclays prices $3 million 9.75% reverse convertibles linked to Schlumberger

New York, June 29 - Barclays Bank plc priced $3 million of 9.75% reverse convertible notes due June 27, 2008 linked to Schlumberger NV (Schlumberger Ltd.) stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Schlumberger stock falls below the protection price of $64.72, 75% of the initial price of $86.29, during the life of the notes and finishes below the initial price in which case the payout will be 11.588828 shares of Schlumberger stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Schlumberger NV (Schlumberger Ltd.)
Amount:	$3 million
Maturity:	June 27, 2008
Coupon:	9.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Schlumberger stock stays at or above the protection price of $64.72 and finishes at or above the initial price; otherwise 11.588828 shares of Schlumberger stock
Initial price:	$86.29
Protection price:	$64.72, 75% of $86.29
Exchange ratio:	11.588828
Pricing date:	June 26
Settlement date:	June 29
Agent:	Barclays Capital
Agent fee:	2.5%

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