New Issue: Barclays prices $3.5 million 19.5% reverse convertibles linked to Garmin

New York, July 7 - Barclays Bank plc priced $3.5 million of 19.5% reverse convertible notes due Jan. 8, 2009 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 $29.37, 70% of the initial price of $41.95, during the life of the notes and finish below the initial price in which case the payout will be 23.837902 shares of Garmin stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Garmin Ltd. (Symbol: GRMN)
Amount:	$3.5 million
Maturity:	Jan. 8, 2009
Coupon:	19.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Garmin shares fall below the protection price of $29.37, 70% of the initial price, and finish below the initial price, in which case 23.837902 shares of Garmin stock
Initial price:	$41.95
Protection price:	$29.37, 70% of $41.95
Exchange ratio:	23.837902
Pricing date:	July 3
Settlement date:	July 9
Agent:	Barclays Capital
Fees:	1.625%

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