New Issue: Barclays prices $3.5 million 19% reverse convertibles linked to Freeport-McMoRan

New York, May 11 - Barclays Bank plc priced $3.5 million of 19% reverse convertible notes due Nov. 12, 2009 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $31.88, 65% of the initial price of $49.04, during the life of the notes and finish below the initial price in which case the payout will be 20.391517 shares of Freeport-McMoRan stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$3.5 million
Maturity:	Nov. 12, 2009
Coupon:	19%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Freeport-McMoRan shares fall below the protection price of $31.88, 65% of the initial price, and finish below the initial price, in which case 20.391517 shares of Freeport-McMoRan stock
Initial price:	$49.04
Protection price:	$31.88, 65% of $49.04
Exchange ratio:	20.391517
Pricing date:	May 7
Settlement date:	May 12
Agent:	Barclays Capital
Fees:	1.625%

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