New Issue: Barclays prices $1 million 9% reverse convertibles linked to Morgan Stanley

New York, Sept. 29 - Barclays Bank plc priced $1 million of 9% reverse convertible notes due Sept. 30, 2011 linked to Morgan Stanley shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Morgan Stanley shares fall below the protection price of $19.90, 80% of the initial price of $24.87, during the life of the notes and finish below the initial price in which case the payout will be 40.209087 shares of Morgan Stanley stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Morgan Stanley (Symbol: MS)
Amount:	$1 million
Maturity:	Sept. 30, 2011
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Morgan Stanley shares fall below the protection price of $19.90, 80% of the initial price, and finish below the initial price, in which case 40.209087 shares of Morgan Stanley stock
Initial price:	$24.87
Protection price:	$19.90, 80% of $24.87
Exchange ratio:	40.209087
Pricing date:	Sept. 27
Settlement date:	Sept. 30
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06740PWV4

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