Barclays plans upside reverse convertibles on iShares Russell fund

By Jennifer Chiou

New York, Dec. 6 - Barclays Bank plc plans to price upside participation reverse convertible notes due July 13, 2011 linked to the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the final fund return is greater than the initial level, the payout at maturity will be par plus triple the fund gain, capped at 11.55%.

Investors will receive par if the fund remains at or above the protection level - 80% of the initial price - during the life of the notes and finishes below the initial level.

If the fund falls below the protection level at any time and it finishes below the initial level, investors will be fully exposed to any losses.

The notes are expected to price on Dec. 8 and settle on Dec. 13.

The Cusip number is 06740PW93.

Barclays Capital Inc. is the agent.

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