New Issue: Barclays prices $1.5 million 9% reverse convertibles linked to Valero Energy

New York, July 26 - Barclays Bank plc priced $1.5 million of 9% reverse convertible notes due July 31, 2008 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Valero Energy stock falls below the protection price of $56.08, 80% of the initial price of $70.10, during the life of the notes and finishes below the initial price in which case the payout will be 14.265335 shares of Valero Energy stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Valero Energy Corp.
Amount:	$1.5 million
Maturity:	July 31, 2008
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valero Energy stock falls below the protection price of $56.08, 80% of the initial price, and finishes below the initial price, in which case 14.265335 shares of Valero Energy stock.
Initial price:	$70.10
Protection price:	$56.08, 80% of $70.10
Exchange ratio:	14.265335
Pricing date:	July 25
Settlement date:	Aug. 6
Agent:	Barclays Capital
Agent fee:	2.5%

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