New Issue: Barclays prices $3 million 10.5% reverse convertibles linked to Dow Chemical

New York, Nov. 30 - Barclays Bank plc priced $3 million of 10.5% reverse convertible notes due May 26, 2010 linked to Dow Chemical Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Dow Chemical shares fall below the protection price of $19.58, 70% of the initial price of $27.97, during the life of the notes and finish below the initial price in which case the payout will be 35.752592 shares of Dow Chemical stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Dow Chemical Co. (Symbol: DOW)
Amount:	$3 million
Maturity:	May 26, 2010
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Dow Chemical shares fall below the protection price of $19.58, 70% of the initial price, and finish below the initial price, in which case 35.752592 shares of Dow Chemical stock
Initial price:	$27.97
Protection price:	$19.58, 70% of $27.97
Exchange ratio:	35.752592
Pricing date:	Nov. 23
Settlement date:	Nov. 30
Agent:	Barclays Capital
Fees:	1.625%

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