New Issue: Barclays prices $1 million 9% reverse convertibles linked to Occidental Petroleum

New York, May 16 - Barclays Bank plc priced $1 million of 9% reverse convertible notes due May 18, 2009 linked to Occidental Petroleum Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Occidental Petroleum stock falls below the protection price of $62.16, 70% of the initial price of $88.80, during the life of the notes and finishes below the initial price in which case the payout will be 11.261261 shares of Occidental Petroleum stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Occidental Petroleum Corp. (Symbol: OXY)
Amount:	$1 million
Maturity:	May 18, 2009
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Occidental Petroleum stock falls below the protection price of $62.16, 70% of the initial price, and finishes below the initial price, in which case 11.261261 shares of Occidental Petroleum stock
Initial price:	$88.80
Protection price:	$62.16, 70% of $88.80
Exchange ratio:	11.261261
Pricing date:	May 14
Settlement date:	May 19
Agent:	Barclays Capital
Fees:	3%

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