New Issue: Barclays prices $1 million 13.5% One Observation Reverse Convertibles linked to Halliburton

New York, June 29 - Barclays Bank plc priced $1 million of 13.5% Callable One Observation Reverse Convertible notes due June 29, 2010 linked to Halliburton Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

If Halliburton shares close at or above their initial price on a call valuation date, the notes will be automatically called at par. The call valuation dates are Sept. 27, 2009, Dec. 28, 2009 and March 26, 2010.

If the notes are not called, the payout at maturity will be par in cash unless Halliburton shares close below the protection price of $14.63, 70% of the initial price of $20.90, on June 24, 2010, in which case the payout will be 47.84689 shares of Halliburton stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable One Observation Reverse Convertible notes
Underlying stock:	Halliburton Co. (Symbol: HAL)
Amount:	$1 million
Maturity:	June 29, 2010
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Halliburton shares close below the protection price of $14.63, 70% of the initial price, on June 24, 2010, in which case 47.84689 shares of Halliburton stock
Call:	Automatically at par if shares close at or above the initial share price on Sept. 27, 2009, Dec. 28, 2009 or March 26, 2010
Initial price:	$20.90
Protection price:	$14.63, 70% of $20.90
Exchange ratio:	47.84689
Pricing date:	June 26
Settlement date:	June 30
Agent:	Barclays Capital
Fees:	2.75%

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