New Issue: Barclays prices $2.5 million 9.25% reverse convertibles linked to Norfolk Southern

New York, June 29 - Barclays Bank plc priced $2.5 million of 9.25% reverse convertible notes due June 27, 2008 linked to Norfolk Southern Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Norfolk Southern stock falls below the protection price of $41.80, 80% of the initial price of $52.25, during the life of the notes and finishes below the initial price in which case the payout will be 19.138756 shares of Norfolk Southern stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Norfolk Southern Corp.
Amount:	$2.5 million
Maturity:	June 27, 2008
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Norfolk Southern stock stays at or above the protection price of $41.80 and finishes at or above the initial price; otherwise 19.138756 shares of Norfolk Southern stock
Initial price:	$52.25
Protection price:	$41.80, 80% of $52.25
Exchange ratio:	19.138756
Pricing date:	June 26
Settlement date:	June 29
Agent:	Barclays Capital
Agent fee:	2.5%

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