New Issue: Barclays prices $1 million 9.25% single observation reverse convertibles on Cummins

By Jennifer Chiou

New York, Aug. 9 - Barclays Bank plc priced $1 million of 9.25% single observation reverse convertible notes due Aug. 9, 2013 linked to the common stock of Cummins Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If the final share price is lower than the protection level, 75% of the initial share price, the payout at maturity will be a number of Cummins shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares. Otherwise, the payout will be par.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Single observation reverse convertible notes
Underlying stock:	Cummins Inc. (NYSE: CMI)
Amount:	$1 million
Maturity:	Aug. 9, 2013
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	If final share price is lower than protection level, Cummins shares equal to $1,000 divided by the initial share price or, at Barclays' option, cash amount equal to value of those shares; otherwise, par
Initial share price:	$101.01
Protection level:	$75.7575, 75% of initial share price
Pricing date:	Aug. 8
Settlement date:	Aug. 10
Agent:	Barclays
Fees:	2%
Cusip:	06741JN21

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