New Issue: Barclays prices $1.5 million 11% reverse convertibles linked to AK Steel

New York, Dec. 30 - Barclays Bank plc priced $1.5 million of 11% reverse convertible notes due June 30, 2011 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless AK Steel shares fall below the protection price of $12.32, 75% of the initial price of $16.43, during the life of the notes and finish below the initial price in which case the payout will be 60.864273 shares of AK Steel stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$1.5 million
Maturity:	June 30, 2011
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AK Steel shares fall below the protection price of $12.32, 75% of the initial price, and finish below the initial price, in which case 60.864273 shares of AK Steel stock
Initial price:	$16.43
Protection price:	$12.32, 75% of $16.43
Exchange ratio:	60.864273
Pricing date:	Dec. 27
Settlement date:	Dec. 30
Agent:	Barclays Capital
Fees:	1.625%
Cusip:	06740PXC5

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