New Issue: Barclays prices $1.25 million 9.3% reverse convertibles linked to Adobe Systems

New York, April 29 - Barclays Bank plc priced $1.25 million of 9.3% reverse convertible notes due July 30, 2008 linked to Adobe Systems Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Adobe Systems stock falls below the protection price of $29.51, 80% of the initial price of $36.89, during the life of the notes and finishes below the initial price in which case the payout will be 27.107617 shares of Adobe Systems stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Adobe Systems Inc. (Symbol: ADBE)
Amount:	$1.25 million
Maturity:	July 30, 2008
Coupon:	9.3%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Adobe Systems stock falls below the protection price of $29.51, 80% of the initial price, and finishes below the initial price, in which case 27.107617 shares of Adobe Systems stock
Initial price:	$36.89
Protection price:	$29.51, 80% of $36.89
Exchange ratio:	27.107617
Pricing date:	April 25
Settlement date:	April 30
Agent:	Barclays Capital
Fees:	1.375%

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