New Issue: Barclays sells $1.5 million 9.65% reverse convertibles linked to Applied Materials

By Jennifer Chiou

New York, June 6 - Barclays Bank plc priced $1.5 million of 9.65% reverse convertible notes due June 8, 2007 linked to Applied Materials, Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Applied Materials stock stays at or above the protection price of $13.49, 80% of the initial price, between June 5, 2006 and June 5, 2007 or finishes at or above the $16.87 initial price. Otherwise, the payout will be in Applied Materials 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:	Applied Materials, Inc.
Amount:	$1.5 million
Maturity:	June 8, 2007
Coupon:	9.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Applied Materials 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 $16.87 shares of Applied Materials stock
Initial share price:	$16.87
Protection price:	$13.49, 80% of initial share price
Pricing date:	June 5
Settlement date:	June 8
Calculation agent:	Barclays Capital

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