New Issue: Barclays sells $1.5 million 11.4% notes linked to Valero Energy

By E. Janene Geiss

Philadelphia, Nov. 14 - Barclays Bank plc priced a $1.5 million issue of 11.4% reverse convertible notes due Nov. 14, 2007 linked to Valero Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Valero stock falls below the protection price of $39.80 during the life of the notes and finishes below the initial price of $53.07, in which case the payout will be equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Valero Energy Corp.
Amount:	$1.5 million
Maturity:	Nov. 14, 2007
Coupon:	11.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Valero stock stays at or above the protection price of $39.80 and finishes at or above the initial price; otherwise $1,000 divided by the initial share price
Initial share price:	$53.07
Protection price:	$39.80, 75% of initial share price
Pricing date:	Nov. 9
Settlement date:	Nov. 14
Agent:	Barclays Capital
Agent fees:	2.125%

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