New Issue: Barclays prices $1.5 million 14.2% reverse convertibles linked to SPDR Trust

New York, Oct. 24 - Barclays Bank plc priced $1.5 million of 14.2% reverse convertible notes due Jan. 28, 2009 linked to SPDR Trust, Series 1 shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless SPDR Trust shares fall below the protection price of $64.18, 70% of the initial price of $91.69, during the life of the notes and finish below the initial price in which case the payout will be 10.906315 shares of SPDR Trust stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	SPDR Trust, Series 1 (Symbol: SPY)
Amount:	$1.5 million
Maturity:	Jan. 28, 2009
Coupon:	14.2%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless SPDR Trust shares fall below the protection price of $64.18, 70% of the initial price, and finish below the initial price, in which case 10.906315 shares of SPDR Trust stock
Initial price:	$91.69
Protection price:	$64.18, 70% of $91.69
Exchange ratio:	10.906315
Pricing date:	Oct. 23
Settlement date:	Oct. 28
Agent:	Barclays Capital
Fees:	1.375%

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