New Issue: Barclays prices $300,000 20% reverse convertibles linked to Rambus

New York, Feb. 23 - Barclays Bank plc priced $300,000 of 20% reverse convertible notes due May 23, 2011 linked to Rambus Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Rambus shares fall below the protection price of $15.20, 70% of the initial price of $21.71, during the life of the notes and finish below the initial price in which case the payout will be 46.061723 shares of Rambus stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Rambus Inc. (Symbol: RMBS)
Amount:	$300,000
Maturity:	May 23, 2011
Coupon:	20%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Rambus shares fall below the protection price of $15.20, 70% of the initial price, and finish below the initial price, in which case 46.061723 shares of Rambus stock
Initial price:	$21.71
Protection price:	$15.20, 70% of $21.71
Exchange ratio:	46.061723
Pricing date:	Feb. 18
Settlement date:	Feb. 24
Agent:	Barclays Capital
Fees:	1.25%
Cusip:	06741JEE5

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