New Issue: Barclays prices $3.5 million 13% reverse convertibles linked to JPMorgan Chase

New York, Dec. 27 - Barclays Bank plc priced $3.5 million of 13% reverse convertible notes due June 25, 2008 linked to JPMorgan Chase & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless JPMorgan Chase stock falls below the protection price of $35.29, 80% of the initial price of $44.11, during the life of the notes and finishes below the initial price in which case the payout will be 22.670596 shares of JPMorgan Chase stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	JPMorgan Chase & Co. (Symbol: JPM)
Amount:	$3.5 million
Maturity:	June 25, 2008
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless JPMorgan Chase stock falls below the protection price of $35.29, 80% of the initial price, and finishes below the initial price, in which case 22.670596 shares of JPMorgan Chase stock.
Initial price:	$44.11
Protection price:	$35.29, 80% of $44.11
Exchange ratio:	22.670596
Pricing date:	Dec. 21
Settlement date:	Dec. 31
Agent:	Barclays Capital
Agent fee:	1.625%

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