New Issue: Barclays prices $1 million 15.7% reverse convertibles linked to Valero Energy

By Jennifer Chiou

New York, April 10 - Barclays Bank plc priced $1 million of 15.7% annualized reverse convertible notes due Oct. 10, 2008 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash unless Valero Energy stock falls below the protection price of $37.37, 75% of the initial price of $49.82, during the life of the notes and finishes below the initial price, in which case the payout will be shares of Valero Energy stock equal to $1,000 divided by the initial price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Valero Energy Corp. (Symbol: VLO)
Amount:	$1 million
Maturity:	Oct. 10, 2008
Coupon:	15.7%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Valero Energy stock falls below the protection price of $37.37, 75% of the initial price, and finishes below the initial price, in which case shares of Valero Energy stock equal to $1,000 divided by the initial price
Initial price:	$49.82
Protection price:	$37.37, 75% of $49.82
Pricing date:	April 8
Settlement date:	April 11
Agent:	Barclays Capital
Fees:	1.5%

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