New Issue: Barclays prices $2 million 14.65% reverse convertibles linked to First Horizon

New York, Oct. 31 - Barclays Bank plc priced $2 million of 14.65% reverse convertible notes due Oct. 31, 2008 linked to First Horizon National Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless First Horizon stock falls below the protection price of $20.54, 80% of the initial price of $25.67, during the life of the notes and finishes below the initial price in which case the payout will be 38.95598 shares of First Horizon stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	First Horizon National Corp. (Symbol: FHN)
Amount:	$2 million
Maturity:	Oct. 31, 2008
Coupon:	14.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless First Horizon stock falls below the protection price of $20.54, 80% of the initial price, and finishes below the initial price, in which case 38.95598 shares of First Horizon stock.
Initial price:	$25.67
Protection price:	$20.54, 80% of $25.67
Exchange ratio:	38.95598
Pricing date:	Oct. 30
Settlement date:	Nov. 2
Agent:	Barclays Capital
Agent fee:	2.25%

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