New Issue: Barclays prices $1 million 14% reverse convertibles linked to Netflix

New York, May 27 - Barclays Bank plc priced $1 million of 14% reverse convertible notes due Nov. 30, 2010 linked to Netflix, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Netflix shares fall below the protection price of $78.75, 75% of the initial price of $105.00, during the life of the notes and finish below the initial price in which case the payout will be 9.52381 shares of Netflix stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Netflix, Inc. (Symbol: NFLX)
Amount:	$1 million
Maturity:	Nov. 30, 2010
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Netflix shares fall below the protection price of $78.75, 75% of the initial price, and finish below the initial price, in which case 9.52381 shares of Netflix stock
Initial price:	$105.00
Protection price:	$78.75, 75% of $105.00
Exchange ratio:	9.52381
Pricing date:	May 25
Settlement date:	May 28
Agent:	Barclays Capital
Fees:	1.625%
Cusip:	06740L3A1

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