New Issue: Barclays prices $1 million 10.5% reverse convertibles linked to Silver Wheaton

New York, April 29 - Barclays Bank plc priced $1 million of 10.5% reverse convertible notes due April 29, 2011 linked to Silver Wheaton Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Silver Wheaton shares fall below the protection price of $13.63, 75% of the initial price of $18.17, during the life of the notes and finish below the initial price in which case the payout will be 55.035773 shares of Silver Wheaton stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Silver Wheaton Corp. (Symbol: SLW)
Amount:	$1 million
Maturity:	April 29, 2011
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Silver Wheaton shares fall below the protection price of $13.63, 75% of the initial price, and finish below the initial price, in which case 55.035773 shares of Silver Wheaton stock
Initial price:	$18.17
Protection price:	$13.63, 75% of $18.17
Exchange ratio:	55.035773
Pricing date:	April 27
Settlement date:	April 30
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06740LMP7

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