New Issue: Barclays prices $1 million 13.75% One Observation Reverse Convertibles linked to Ford Motor

New York, Aug. 31 - Barclays Bank plc priced $1 million of 13.75% Callable One Observation Reverse Convertible notes due Feb. 26, 2010 linked to Ford Motor Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

If Ford Motor shares close at or above their initial price on the call valuation date, the notes will be automatically called at par. The call valuation date is Nov. 24, 2009.

If the notes are not called, the payout at maturity will be par in cash unless Ford Motor shares close below the protection price of $5.33, 70% of the initial price of $7.61, on February 23, 2010, in which case the payout will be 131.406045 shares of Ford Motor stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable One Observation Reverse Convertible notes
Underlying stock:	Ford Motor Co. (Symbol: F)
Amount:	$1 million
Maturity:	Feb. 26, 2010
Coupon:	13.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Ford Motor shares close below the protection price of $5.33, 70% of the initial price, on February 23, 2010, in which case 131.406045 shares of Ford Motor stock
Call:	Automatically at par if shares close at or above the initial share price on Nov. 24, 2009
Initial price:	$7.61
Protection price:	$5.33, 70% of $7.61
Exchange ratio:	131.406045
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agent:	Barclays Capital
Fees:	1.625%

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