New Issue: Barclays prices $5 million 13.4% reverse convertibles linked to MetroPCS

New York, July 12 - Barclays Bank plc priced $5 million of 13.4% reverse convertible notes due Jan. 16, 2008 linked to MetroPCS Communications, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless MetroPCS Communications stock falls below the protection price of $23.51, 65% of the initial price of $36.17, during the life of the notes and finishes below the initial price in which case the payout will be 27.647221 shares of MetroPCS Communications stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	MetroPCS Communications, Inc.
Amount:	$5 million
Maturity:	Jan. 16, 2008
Coupon:	13.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless MetroPCS stock falls below the protection price of $23.51, 65% of the initial price, and finishes below the initial price, in which case 27.647221 shares of MetroPCS stock
Initial price:	$36.17
Protection price:	$23.51, 65% of $36.17
Exchange ratio:	27.647221
Pricing date:	July 11
Settlement date:	July 16
Agent:	Barclays Capital
Agent fee:	2.25%

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