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Published on 4/29/2010 in the Prospect News Structured Products Daily.

New Issue: Barclays prices $2 million 12% reverse convertibles linked to SunPower

New York, April 29 - Barclays Bank plc priced $2 million of 12% reverse convertible notes due Oct. 29, 2010 linked to SunPower Corp. (Class A) shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless SunPower shares fall below the protection price of $12.95, 75% of the initial price of $17.27, during the life of the notes and finish below the initial price in which case the payout will be 57.90388 shares of SunPower stock.

Barclays Capital is the agent.

Issuer:Barclays Bank plc
Issue:Reverse convertible notes
Underlying stock:SunPower Corp. (Class A) (Symbol: SPWRA)
Amount:$2 million
Maturity:Oct. 29, 2010
Coupon:12%, payable monthly
Price:Par
Payout at maturity:Par in cash unless SunPower shares fall below the protection price of $12.95, 75% of the initial price, and finish below the initial price, in which case 57.90388 shares of SunPower stock
Initial price:$17.27
Protection price:$12.95, 75% of $17.27
Exchange ratio:57.90388
Pricing date:April 27
Settlement date:April 30
Agent:Barclays Capital
Fees:1.625%
Cusip:06740LJA4

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