New Issue: Barclays prices $4 million 15% reverse convertibles linked to Wells Fargo

New York, Jan. 28 - Barclays Bank plc priced $4 million of 15% reverse convertible notes due July 29, 2008 linked to Wells Fargo & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Wells Fargo stock falls below the protection price of $21.81, 70% of the initial price of $31.16, during the life of the notes and finishes below the initial price in which case the payout will be 32.092426 shares of Wells Fargo stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$4 million
Maturity:	July 29, 2008
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Wells Fargo stock falls below the protection price of $21.81, 70% of the initial price, and finishes below the initial price, in which case 32.092426 shares of Wells Fargo stock.
Initial price:	$31.16
Protection price:	$21.81, 70% of $31.16
Exchange ratio:	32.092426
Pricing date:	Jan. 24
Settlement date:	Jan. 29
Agent:	Barclays Capital
Agent fee:	1%

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