New Issue: Barclays sells $1.5 million 10% reverse convertibles linked to Devon Energy

By Angela McDaniels

Seattle, March 27 - Barclays Bank plc priced $1.5 million of 10% reverse convertible notes due March 29, 2007 linked to Devon Energy Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Devon Energy stock stays at or above the $42.69 protection price between March 24, 2006 and March 26, 2007 or finishes at or above the $60.99 initial price. Otherwise, payout will be 16.396 shares of Devon Energy stock, which is equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Devon Energy Corp.
Amount:	$1.5 million
Maturity:	March 29, 2007
Coupon:	10%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Devon Energy stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise, 16.396 shares of Devon Energy stock
Initial share price:	$60.99
Protection price:	$42.69, 70% of initial share price
Pricing date:	March 24
Settlement date:	March 29
Calculation agent:	Barclays Capital Securities Ltd.

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