New Issue: Barclays sells $950,000 13.5% reverse convertibles linked to JetBlue

By Laura Lutz

Des Moines, Oct. 25 - Barclays Bank plc priced $950,000 of 13.5% reverse convertible notes due April 25, 2007 linked to JetBlue Airways Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if JetBlue stock stays at or above the protection price, 60% of the initial price of $10.94, between Oct. 20, 2006 and April 20, 2007, and finishes at or above the initial price. Otherwise, the payout will be in JetBlue stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	JetBlue Airways Corp.
Amount:	$950,000
Maturity:	April 25, 2007
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if JetBlue stock stays at or above the protection price of $6.56 and finishes at or above the initial price; otherwise shares of JetBlue stock equal to $1,000 divided by the initial price
Initial price:	$10.94
Protection price:	$6.56, 60% of $10.94
Pricing date:	Oct. 20
Settlement date:	Oct. 25
Agent:	Barclays Capital
Agent fee:	1.5%

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