New Issue: Barclays prices $464,000 9.25% reverse convertibles linked to Cummins

New York, May 30 - Barclays Bank plc priced $464,000 of 9.25% reverse convertible notes due May 31, 2013 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Cummins shares fall below the protection price of $75.8, 75% of the initial price of $101.06, during the life of the notes and finish below the initial price in which case the payout will be 9.895112 shares of Cummins stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Cummins Inc. (Symbol: CMI)
Amount:	$464,000
Maturity:	May 31, 2013
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cummins shares fall below the protection price of $75.8, 75% of the initial price, and finish below the initial price, in which case 9.895112 shares of Cummins stock
Initial price:	$101.06
Protection price:	$75.8, 75% of $101.06
Exchange ratio:	9.895112
Pricing date:	May 29
Settlement date:	May 31
Agent:	Barclays Capital
Fees:	2.1%
Cusip:	06741JD71

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