New Issue: Barclays prices $1 million 10.7% reverse convertibles linked to DryShips

By Angela McDaniels

Tacoma, Wash., Nov. 29 - Barclays Bank plc priced $1 million of 10.7% annualized reverse convertible notes due May 27, 2011 linked to DryShips, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless DryShips shares fall below the protection price - 70% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of DryShips stock equal to $1,000 divided by the initial share price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	DryShips, Inc. (Symbol: DRYS)
Amount:	$1 million
Maturity:	May 27, 2011
Coupon:	10.7%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless DryShips shares fall below the protection price during the life of the notes and finish below the initial price, in which case 192.307692 shares of DryShips stock
Initial price:	$5.20
Protection price:	$3.64, 70% of initial price
Pricing date:	Nov. 24
Settlement date:	Nov. 30
Agent:	Barclays Capital
Fees:	1.625%
Cusip:	06740PJ23

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