New Issue: Barclays prices $1 million 11.5% reverse convertibles linked to Garmin

New York, July 23 - Barclays Bank plc priced $1 million of 11.5% reverse convertible notes due Jan. 24, 2008 linked to Garmin Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Garmin stock falls below the protection price of $63.77, 80% of the initial price of $79.71, during the life of the notes and finishes below the initial price in which case the payout will be 12.545477 shares of Garmin stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Garmin Ltd.
Amount:	$1 million
Maturity:	Jan. 24, 2008
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Garmin stock falls below the protection price of $63.77, 80% of the initial price, and finishes below the initial price, in which case 12.545477 shares of Garmin stock.
Initial price:	$79.71
Protection price:	$63.77, 80% of $79.71
Exchange ratio:	12.545477
Pricing date:	July 20
Settlement date:	July 25
Agent:	Barclays Capital
Agent fee:	2.25%

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