New Issue: Barclays sells $4 million 11.5% reverse convertibles linked to Cemex

By Susanna Moon

Chicago, April 15 - Barclays Bank plc priced $4 million of 11.5% reverse convertible notes due April 16, 2009 linked to Cemex, SA de CV stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par unless Cemex stock falls below the protection price - 80% of the initial price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Cemex shares equal to $1,000 divided by the initial share price.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Cemex, SA de CV (NYSE: CX)
Amount:	$4 million
Maturity:	April 16, 2009
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless Cemex stock falls below the protection price during the life of the notes and finishes below initial price, in which case 39.1543 Cemex shares
Initial price:	$25.54
Protection price:	$17.88, or 70% of initial price
Pricing date:	April 14
Settlement date:	April 17
Agent:	Barclays Capital Inc.
Fees:	3.75%

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