New Issue: Barclays prices $10 million 10% reverse convertibles linked to ARM Holdings

New York, May 27 - Barclays Bank plc priced $10 million of 10% reverse convertible notes due Nov. 30, 2011 linked to ARM Holdings plc (American depositary shares) shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless ARM Holdings shares fall below the protection price of $20.78, 75% of the initial price of $27.70, during the life of the notes and finish below the initial price in which case the payout will be 36.101083 shares of ARM Holdings stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	ARM Holdings plc (American depositary shares) (Symbol: ARMH)
Amount:	$10 million
Maturity:	Nov. 30, 2011
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless ARM Holdings shares fall below the protection price of $20.78, 75% of the initial price, and finish below the initial price, in which case 36.101083 shares of ARM Holdings stock
Initial price:	$27.70
Protection price:	$20.78, 75% of $27.70
Exchange ratio:	36.101083
Pricing date:	May 25
Settlement date:	May 31
Agent:	Barclays Capital
Fees:	1.625%
Cusip:	06741JGZ6

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