New Issue: Barclays prices $2 million 14.5% reverse convertibles linked to iShares Russell 2000

New York, Nov. 14 - Barclays Bank plc priced $2 million of 14.5% reverse convertible notes due May 18, 2009 linked to iShares Russell 2000 Index Fund shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless iShares Russell 2000 shares fall below the protection price of $34.55, 70% of the initial price of $49.35, during the life of the notes and finish below the initial price in which case the payout will be 20.263425 shares of iShares 2000 Russell stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	iShares Russell 2000 Index Fund (Symbol: IWM)
Amount:	$2 million
Maturity:	May 18, 2009
Coupon:	14.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless iShares Russell 2000 shares fall below the protection price of $34.55, 70% of the initial price, and finish below the initial price, in which case 20.263425 shares of iShares Russell 2000 stock
Initial price:	$49.35
Protection price:	$34.55, 70% of $49.35
Exchange ratio:	20.263425
Pricing date:	Nov. 13
Settlement date:	Nov. 18
Agent:	Barclays Capital
Fees:	3%

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