New Issue: Barclays prices $9 million 13.5% reverse convertibles linked to Alaska Air

New York, May 14 - Barclays Bank plc priced $9 million of 13.5% reverse convertible notes due Nov. 15, 2007 linked to Alaska Air Group, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Alaska Air stock falls below the protection price of $21.96, 75% of the initial price of $29.28, during the life of the notes and finishes below the initial price, in which case the payout will be 34.153005 shares of Alaska Air stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Alaska Air Group, Inc.
Amount:	$9 million
Maturity:	Nov. 15, 2007
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Alaska Air stock stays at or above the protection price of $21.96 or finishes at or above the initial price; otherwise 34.153005 shares of Alaska Air stock
Initial price:	$29.28
Protection price:	$21.96, 75% of 29.28
Exchange ratio:	34.153005
Pricing date:	May 11
Settlement date:	May 16
Agent:	Barclays Capital
Agent fee:	1.625%

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