New Issue: Barclays prices $4 million 10.5% reverse convertibles linked to Transocean

New York, June 27 - Barclays Bank plc priced $4 million of 10.5% reverse convertible notes due Dec. 31, 2008 linked to Transocean Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Transocean shares fall below the protection price of $113.24, 75% of the initial price of $150.98, during the life of the notes and finish below the initial price in which case the payout will be 6.623394 shares of Transocean stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Transocean Inc. (Symbol: RIG)
Amount:	$4 million
Maturity:	Dec. 31, 2008
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Transocean shares fall below the protection price of $113.24, 75% of the initial price, and finish below the initial price, in which case 6.623394 shares of Transocean stock
Initial price:	$150.98
Protection price:	$113.24, 75% of $150.98
Exchange ratio:	6.623394
Pricing date:	June 25
Settlement date:	June 30
Agent:	Barclays Capital
Fees:	1.625%

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