New Issue: Barclays prices $2 million 7.2% reverse convertibles linked to Honda Motor

New York, April 19 - Barclays Bank plc priced $2 million of 7.2% reverse convertible notes due July 19, 2012 linked to Honda Motor Co., Ltd. (American depositary share) shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Honda Motor shares fall below the protection price of $25.17, 70% of the initial price of $35.96, during the life of the notes and finish below the initial price in which case the payout will be 27.808676 shares of Honda Motor stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Honda Motor Co., Ltd. (American depositary share) (Symbol: HMC)
Amount:	$2 million
Maturity:	July 19, 2012
Coupon:	7.2%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Honda Motor shares fall below the protection price of $25.17, 70% of the initial price, and finish below the initial price, in which case 27.808676 shares of Honda Motor stock
Initial price:	$35.96
Protection price:	$25.17, 70% of $35.96
Exchange ratio:	27.808676
Pricing date:	April 15
Settlement date:	April 20
Agent:	Barclays Capital
Cusip:	06741JGM5

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