New Issue: Barclays prices $1.5 million 8.5% reverse convertibles linked to iShares Russell 2000 Index Fund

New York, July 29 - Barclays Bank plc priced $1.5 million of 8.5% reverse convertible notes due Jan. 30, 2009 linked to iShares Russell 2000 Index Fund shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless iShares Russell 2000 Index Fund shares fall below the protection price of $55.58, 80% of the initial price of $69.47, during the life of the notes and finish below the initial price in which case the payout will be 14.394703 shares of iShares Russell 2000 Index Fund stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	iShares Russell 2000 Index Fund (Symbol: IWM)
Amount:	$1.5 million
Maturity:	Jan. 30, 2009
Coupon:	8.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless iShares Russell 2000 Index Fund shares fall below the protection price of $55.58, 80% of the initial price, and finish below the initial price, in which case 14.394703 shares of iShares Russell 2000 Index Fund stock
Initial price:	$69.47
Protection price:	$55.58, 80% of $69.47
Exchange ratio:	14.394703
Pricing date:	July 28
Settlement date:	July 30
Agent:	Barclays Capital
Fees:	1.5%

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