New Issue: Barclays prices $1.5 million 18.25% reverse convertibles linked to Garmin

New York, June 25 - Barclays Bank plc priced $1.5 million of 18.25% reverse convertible notes due Sept. 26, 2008 linked to Garmin Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Garmin shares fall below the protection price of $30.23, 70% of the initial price of $43.19, during the life of the notes and finishes below the initial price in which case the payout will be 23.153508 shares of Garmin stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Garmin Ltd. (Symbol: GRMN)
Amount:	$1.5 million
Maturity:	Sept. 26, 2008
Coupon:	18.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Garmin stock falls below the protection price of $30.23, 70% of the initial price, and finishes below the initial price, in which case 23.153508 shares of Garmin stock
Initial price:	$43.19
Protection price:	$30.23, 70% of $43.19
Exchange ratio:	23.153508
Pricing date:	June 24
Settlement date:	June 30
Agent:	Barclays Capital
Fees:	1.375%

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