New Issue: Barclays prices $2.5 million 10.25% reverse convertibles linked to Nasdaq

New York, May 29 - Barclays Bank plc priced $2.5 million of 10.25% reverse convertible notes due May 29, 2008 linked to Nasdaq Stock Market, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Nasdaq stock falls below the protection price of $25.49, 75% of the initial price of $33.98, during the life of the notes and finishes below the initial price in which case the payout will be 29.429076 shares of Nasdaq stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Nasdaq Stock Market, Inc.
Amount:	$2.5 million
Maturity:	May 29, 2008
Coupon:	10.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Nasdaq stock stays at or above the protection price of $25.49 and finishes at or above the initial price; otherwise 29.429076 shares of Nasdaq stock
Initial price:	$33.98
Protection price:	$25.49, 75% of 33.98
Exchange ratio:	29.429076
Pricing date:	May 24
Settlement date:	May 31
Agent:	Barclays Capital
Agent fee:	2.5%

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