New Issue: Barclays prices $23 million 15% reverse convertibles linked to U.S. Steel

New York, Oct. 31 - Barclays Bank plc priced $23, million of 15% reverse convertible notes due April 30, 2013 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $16.92, 80% of the initial price of $21.15, during the life of the notes and finish below the initial price in which case the payout will be 47.28132 shares of U.S. Steel stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	United States Steel Corp. (Symbol: X)
Amount:	$23, million
Maturity:	April 30, 2013
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless U.S. Steel shares fall below the protection price of $16.92, 80% of the initial price, and finish below the initial price, in which case 47.28132 shares of U.S. Steel stock
Initial price:	$21.15
Protection price:	$16.92, 80% of $21.15
Exchange ratio:	47.28132
Pricing date:	Oct. 26
Settlement date:	Oct. 31
Agent:	Barclays Capital
Fees:	2%
Cusip:	06741JTA7

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