New Issue: Barclays prices $500,000 11% callable reverse convertibles on Qualcomm

By Jennifer Chiou

New York, June 4 - Barclays Bank plc priced $500,000 of 11% annualized callable reverse convertible notes due Dec. 7, 2010 linked to Qualcomm, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Qualcomm stock closes at or above the initial share price on Aug. 4 or Oct. 4.

The payout at maturity will be par in cash unless Qualcomm shares fall below the protection price of $27.02, 75% of the initial price of $36.02, during the life of the notes and finish below the initial price, in which case the payout will be 27.762354 shares of Qualcomm stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable reverse convertible notes
Underlying stock:	Qualcomm, Inc. (Symbol: QCOM)
Amount:	$500,000
Maturity:	Dec. 7, 2010
Coupon:	11% per year, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Qualcomm shares fall below the protection price of $27.02, 75% of initial price, during life of notes and finish below initial price, in which case 27.762354 shares of Qualcomm stock
Call:	Automatically at par if Qualcomm stock closes at or above initial share price on Aug. 4 or Oct. 4
Initial price:	$36.02
Protection price:	$27.02, 75% of $36.02
Exchange ratio:	27.762354
Pricing date:	June 2
Settlement date:	June 7
Agent:	Barclays Capital Inc.
Fees:	2%
Cusip:	06740LY41

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