New Issue: Barclays prices $6.5 million 10% reverse convertibles linked to Merck

New York, May 29 - Barclays Bank plc priced $6.5 million of 10% reverse convertible notes due May 29, 2009 linked to Merck & Co., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Merck shares fall below the protection price of $30.90, 80% of the initial price of $38.62, during the life of the notes and finishes below the initial price in which case the payout will be 25.89332 shares of Merck stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Merck & Co., Inc. (Symbol: MRK)
Amount:	$6.5 million
Maturity:	May 29, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Merck stock falls below the protection price of $30.90, 80% of the initial price, and finishes below the initial price, in which case 25.89332 shares of Merck stock
Initial price:	$38.62
Protection price:	$30.90, 80% of $38.62
Exchange ratio:	25.89332
Pricing date:	May 27
Settlement date:	May 30
Agent:	Barclays Capital
Fees:	2.5%

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