New Issue: Barclays prices $4 million 11.25% reverse convertibles linked to Microsoft

New York, July 30 - Barclays Bank plc priced $4 million of 11.25% reverse convertible notes due Jan. 30, 2009 linked to Microsoft Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Microsoft shares fall below the protection price of $20.40, 80% of the initial price of $25.50, during the life of the notes and finish below the initial price in which case the payout will be 39.215686 shares of Microsoft stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Microsoft Corp. (Symbol: MSFT)
Amount:	$4 million
Maturity:	Jan. 30, 2009
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Microsoft shares fall below the protection price of $20.40, 80% of the initial price, and finish below the initial price, in which case 39.215686 shares of Microsoft stock
Initial price:	$25.50
Protection price:	$20.40, 80% of $25.50
Exchange ratio:	39.215686
Pricing date:	July 28
Settlement date:	July 30
Agent:	Barclays Capital
Fees:	1.625%

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