New Issue: Barclays sells $4 million 9% reverse convertibles linked to Archer Daniels

New York, March 29 - Barclays Bank plc priced $4 million of 9% reverse convertible notes due March 30, 2007 linked to Archer-Daniels-Midland Co. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Archer Daniels stock stays at or above the protection price of 80% of the initial price between March 28, 2006 and March 28, 2007 or finishes at or above the $34.53 initial price. Otherwise, the payout will be in Archer Daniels 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:	Archer-Daniels-Midland Co.
Amount:	$4 million
Maturity:	March 30, 2007
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Archer Daniels stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $34.53 shares of Archer Daniels stock
Initial share price:	$34.53
Protection price:	80% of initial share price
Pricing date:	March 28
Settlement date:	March 31
Calculation agent:	Barclays Capital

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