New Issue: Barclays prices $2 million 12.5% reverse convertibles linked to Nabors Industries

New York, Nov. 30 - Barclays Bank plc priced $2 million of 12.5% reverse convertible notes due May 26, 2010 linked to Nabors Industries Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Nabors Industries shares fall below the protection price of $14.25, 70% of the initial price of $20.35, during the life of the notes and finish below the initial price in which case the payout will be 49.140049 shares of Nabors Industries stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Nabors Industries Ltd. (Symbol: NBR)
Amount:	$2 million
Maturity:	May 26, 2010
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Nabors Industries shares fall below the protection price of $14.25, 70% of the initial price, and finish below the initial price, in which case 49.140049 shares of Nabors Industries stock
Initial price:	$20.35
Protection price:	$14.25, 70% of $20.35
Exchange ratio:	49.140049
Pricing date:	Nov. 23
Settlement date:	Nov. 30
Agent:	Barclays Capital
Fees:	1.625%

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