New Issue: Barclays prices $1 million 11% reverse convertibles linked to Bank of New York Mellon

New York, Dec. 30 - Barclays Bank plc priced $1 million of 11% reverse convertible notes due June 30, 2010 linked to Bank of New York Mellon 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 New York Mellon shares fall below the protection price of $22.13, 80% of the initial price of $27.66, during the life of the notes and finish below the initial price in which case the payout will be 36.15329 shares of Bank of New York Mellon stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Bank of New York Mellon Corp. (Symbol: BK)
Amount:	$1 million
Maturity:	June 30, 2010
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Bank of New York Mellon shares fall below the protection price of $22.13, 80% of the initial price, and finish below the initial price, in which case 36.15329 shares of Bank of New York Mellon stock
Initial price:	$27.66
Protection price:	$22.13, 80% of $27.66
Exchange ratio:	36.15329
Pricing date:	Dec. 28
Settlement date:	Dec. 31
Agent:	Barclays Capital
Fees:	0.3%

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