New Issue: Barclays prices $1 million 9% reverse convertibles on iShares DJ U.S. Real Estate

By Marisa Wong

Milwaukee, May 27 - Barclays Bank plc priced $1 million of 9% annualized reverse convertible notes due Nov. 30, 2010 linked to the iShares Dow Jones U.S. Real Estate index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless iShares Dow Jones U.S. Real Estate shares fall below the protection price of $36.22, 75% of the initial price of $48.29, during the life of the notes and finish below the initial price, in which case the payout will be a cash amount equal to par minus the decrease in the share price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying index fund:	iShares Dow Jones U.S. Real Estate (Symbol: IYR)
Amount:	$1 million
Maturity:	Nov. 30, 2010
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless iShares Dow Jones U.S. Real Estate shares fall below the protection price and finish below the initial price, in which case cash equal to par minus share price decrease
Initial price:	$48.29
Protection price:	$36.22, 75% of $48.29
Pricing date:	May 25
Settlement date:	May 28
Agent:	Barclays Capital Inc.
Fees:	2%
Cusip:	06740LK38

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