New Issue: Barclays prices $2 million 8.5% reverse convertibles linked to MetLife

New York, Jan. 29 - Barclays Bank plc priced $2 million of 8.5% reverse convertible notes due Jan. 28, 2011 linked to MetLife, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless MetLife shares fall below the protection price of $28.58, 80% of the initial price of $35.73, during the life of the notes and finish below the initial price in which case the payout will be 27.987685 shares of MetLife stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	MetLife, Inc. (Symbol: MET)
Amount:	$2 million
Maturity:	Jan. 28, 2011
Coupon:	8.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless MetLife shares fall below the protection price of $28.58, 80% of the initial price, and finish below the initial price, in which case 27.987685 shares of MetLife stock
Initial price:	$35.73
Protection price:	$28.58, 80% of $35.73
Exchange ratio:	27.987685
Pricing date:	Jan. 26
Settlement date:	Jan. 29
Agent:	Barclays Capital
Fees:	2.125%
Cusip:	06740JPH7

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