New Issue: Barclays prices $3 million 11.25% reverse convertibles linked to Chevron

New York, Feb. 25 - Barclays Bank plc priced $3 million of 11.25% reverse convertible notes due Sept. 3, 2008 linked to Chevron Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Chevron stock falls below the protection price of $68.34, 80% of the initial price of $85.42, during the life of the notes and finishes below the initial price in which case the payout will be 11.70686 shares of Chevron stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Chevron Corp. (Symbol: CVX)
Amount:	$3 million
Maturity:	Sept. 3, 2008
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Chevron stock falls below the protection price of $68.34, 80% of the initial price, and finishes below the initial price, in which case 11.70686 shares of Chevron stock
Initial price:	$85.42
Protection price:	$68.34, 80% of $85.42
Exchange ratio:	11.70686
Pricing date:	Feb. 22
Settlement date:	March 3
Agent:	Barclays Capital
Fees:	1.1%

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