New Issue: Barclays prices $360,000 10.5% callable reverse convertibles on Amgen

By Marisa Wong

Milwaukee, June 17 - Barclays Bank plc priced $360,000 of 10.5% annualized callable reverse convertible notes due Dec. 20, 2010 linked to Amgen Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Amgen stock closes at or above the initial share price on Aug. 13 or Oct. 13.

The payout at maturity will be par in cash unless Amgen shares fall below the protection price of $44.10, 80% of the initial price of $55.12, during the life of the notes and finish below the initial price, in which case the payout will be 18.142235 shares of Amgen stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable reverse convertible notes
Underlying stock:	Amgen Inc. (Symbol: AMGN)
Amount:	$360,000
Maturity:	Dec. 20, 2010
Coupon:	10.5% per year, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Amgen shares fall below the protection price of $44.10, 80% of initial price, during life of notes and finish below initial price, in which case 18.142235 shares of Amgen stock
Call:	Automatically at par if Amgen stock closes at or above initial share price on Aug. 13 or Oct. 13
Initial price:	$55.12
Protection price:	$44.10, 80% of $55.12
Exchange ratio:	18.142235
Pricing date:	June 15
Settlement date:	June 18
Agent:	Barclays Capital Inc.
Fees:	1.5%
Cusip:	06740PAT3

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