New Issue: Barclays prices $1.54 million 10% reverse convertibles linked to Lennar

New York, July 24 - Barclays Bank plc priced $1.539 million of 10% reverse convertible notes due July 22, 2014 linked to Lennar Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Lennar shares fall below the protection price of $26.10, 75% of the initial price of $34.80, during the life of the notes and finish below the initial price in which case the payout will be 28.73563 shares of Lennar stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Lennar Corp. (Symbol: LEN)
Amount:	$1.539 million
Maturity:	July 22, 2014
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Lennar shares fall below the protection price of $26.10, 75% of the initial price, and finish below the initial price, in which case 28.73563 shares of Lennar stock
Initial price:	$34.80
Protection price:	$26.10, 75% of $34.80
Exchange ratio:	28.73563
Pricing date:	July 22
Settlement date:	July 25
Agent:	Barclays Capital
Cusip:	06741J3P2

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