New Issue: Barclays prices $1 million principal-protected notes linked to Merck

By Susanna Moon

Chicago, Feb. 26 - Barclays Bank plc priced $1 million of principal protected notes due Feb. 27, 2009 linked to the common stock of Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Investors will receive a conditional coupon of 14% if Merck stays within 14% of the initial level during the life of the notes. Investors will receive at least par.

Barclays Capital Inc. is the underwriter.

Issuer:	Barclays Bank plc
Issue:	100% principal-protected notes
Underlying stock:	Merck & Co., Inc. (NYSE: MRK)
Amount:	$1 million
Maturity:	Feb. 27, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	114% of par if Merck stock stays within 14% of initial price during life of notes; otherwise, par
Initial price:	$46.07
Lower barrier:	$39.6202, or 86% of initial price
Upper barrier:	$52.5198, or 114% of initial price
Pricing date:	Feb. 22
Settlement date:	Feb. 29
Underwriter:	Barclays Capital Inc.
Fees:	1.5%

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