Barclays to price 8.5% reverse convertibles linked to iShares Russell 2000 Index Fund

By E. Janene Geiss

Philadelphia, July 11 - Barclays Bank plc plans to price 8.5% annualized reverse convertible notes due Jan. 30, 2009 linked to shares of the iShares Russell 2000 Index Fund, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

Payout at maturity will be par unless shares of the exchange-traded fund fall by more than 20% during the life of the notes and finish below the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline.

The notes are expected to price July 28 and settle July 30.

Barclays Capital Inc. will be the agent.

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