New Issue: Barclays prices $420,000 11.8% single observation reverse convertibles on Schlumberger

By Toni Weeks

San Diego, Dec. 20 - Barclays Bank plc priced $420,000 of 11.8% single observation reverse convertible notes due Dec. 21, 2012 linked to Schlumberger N.V. (Schlumberger Ltd.) shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless Schlumberger shares fall below the protection price of $48.80, 75% of the initial price of $65.07, on the final valuation date, in which case the payout will be 15.3681 shares of Schlumberger stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Single observation reverse convertible notes
Underlying stock:	Schlumberger N.V. (Schlumberger Ltd.) (Symbol: SLB)
Amount:	$420,000
Maturity:	Dec. 21, 2012
Coupon:	11.8%, payable monthly
Price:	Variable prices
Payout at maturity:	Par in cash unless Schlumberger shares fall below the protection price of $48.80, 75% of the initial price, on the final valuation date, in which case 15.3681 shares of Schlumberger stock
Initial price:	$65.07
Protection price:	$48.80, 75% of $65.07
Exchange ratio:	15.3681
Pricing date:	Dec. 19
Settlement date:	Dec. 22
Agent:	Barclays Capital Inc.
Fees:	2.5%
Cusip:	06741JQN2

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