New Issue: Barclays prices $4 million 14.65% reverse convertibles linked to Parker Drilling

New York, July 23 - Barclays Bank plc priced $4 million of 14.65% reverse convertible notes due Jan. 24, 2008 linked to Parker Drilling Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Parker Drilling stock falls below the protection price of $8.05, 75% of the initial price of $10.73, during the life of the notes and finishes below the initial price in which case the payout will be 93.196645 shares of Parker Drilling stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Parker Drilling Co.
Amount:	$4 million
Maturity:	Jan. 24, 2008
Coupon:	14.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Parker Drilling stock falls below the protection price of $8.05, 75% of the initial price, and finishes below the initial price, in which case 93.196645 shares of Parker Drilling stock.
Initial price:	$10.73
Protection price:	$8.05, 75% of $10.73
Exchange ratio:	93.196645
Pricing date:	July 20
Settlement date:	July 25
Agent:	Barclays Capital
Agent fee:	2.25%

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