New Issue: Barclays prices $2 million 14.1% reverse convertibles linked to Capital One

New York, Sept. 26 - Barclays Bank plc priced $2 million of 14.1% reverse convertible notes due March 28, 2008 linked to Capital One Financial Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Capital One stock falls below the protection price of $49.40, 75% of the initial price of $65.86, during the life of the notes and finishes below the initial price in which case the payout will be 15.183723 shares of Capital One stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Capital One Financial Corp. (Symbol: COF)
Amount:	$2 million
Maturity:	March 28, 2008
Coupon:	14.1%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Capital One stock falls below the protection price of $49.40, 75% of the initial price, and finishes below the initial price, in which case 15.183723 shares of Capital One stock.
Initial price:	$65.86
Protection price:	$49.40, 75% of $65.86
Exchange ratio:	15.183723
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Agent:	Barclays Capital
Agent fee:	1.75%

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