New Issue: Barclays prices $4 million 14% reverse convertibles linked to Target

New York, June 27 - Barclays Bank plc priced $4 million of 14% reverse convertible notes due Dec. 31, 2008 linked to Target Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Target shares fall below the protection price of $39.90, 80% of the initial price of $49.88, during the life of the notes and finish below the initial price in which case the payout will be 20.048115 shares of Target stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Target Corp. (Symbol: TGT)
Amount:	$4 million
Maturity:	Dec. 31, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Target shares fall below the protection price of $39.90, 80% of the initial price, and finish below the initial price, in which case 20.048115 shares of Target stock
Initial price:	$49.88
Protection price:	$39.90, 80% of $49.88
Exchange ratio:	20.048115
Pricing date:	June 25
Settlement date:	June 30
Agent:	Barclays Capital
Fees:	1.625%

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