New Issue: Barclays prices $1 million 15% reverse convertibles linked to Bank of America

New York, May 20 - Barclays Bank plc priced $1 million of 15% reverse convertible notes due Nov. 24, 2010 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Bank of America shares fall below the protection price of $9.79, 60% of the initial price of $16.31, during the life of the notes and finish below the initial price in which case the payout will be 61.312078 shares of Bank of America stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Bank of America Corp. (Symbol: BAC)
Amount:	$1 million
Maturity:	Nov. 24, 2010
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Bank of America shares fall below the protection price of $9.79, 60% of the initial price, and finish below the initial price, in which case 61.312078 shares of Bank of America stock
Initial price:	$16.31
Protection price:	$9.79, 60% of $16.31
Exchange ratio:	61.312078
Pricing date:	May 19
Settlement date:	May 24
Agent:	Barclays Capital
Fees:	1%
Cusip:	06740LP58

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