New Issue: Barclays prices $1 million 10% reverse convertibles linked to Dell

New York, July 27 - Barclays Bank plc priced $1 million of 10% reverse convertible notes due Jan. 27, 2011 linked to Dell Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Dell shares fall below the protection price of $10.81, 80% of the initial price of $13.51, during the life of the notes and finish below the initial price in which case the payout will be 74.019245 shares of Dell stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Dell Inc. (Symbol: DELL)
Amount:	$1 million
Maturity:	Jan. 27, 2011
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Dell shares fall below the protection price of $10.81, 80% of the initial price, and finish below the initial price, in which case 74.019245 shares of Dell stock
Initial price:	$13.51
Protection price:	$10.81, 80% of $13.51
Exchange ratio:	74.019245
Pricing date:	July 23
Settlement date:	July 28
Agent:	Barclays Capital
Fees:	1.625%
Cusip:	06740PFA9

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