New Issue: Barclays prices $1 million 8% reverse convertibles linked to Smith International

New York, April 29 - Barclays Bank plc priced $1 million of 8% reverse convertible notes due April 29, 2011 linked to Smith International, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Smith International shares fall below the protection price of $37.82, 80% of the initial price of $47.27, during the life of the notes and finish below the initial price in which case the payout will be 21.155067 shares of Smith International stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Smith International, Inc. (Symbol: SII)
Amount:	$1 million
Maturity:	April 29, 2011
Coupon:	8%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Smith International shares fall below the protection price of $37.82, 80% of the initial price, and finish below the initial price, in which case 21.155067 shares of Smith International stock
Initial price:	$47.27
Protection price:	$37.82, 80% of $47.27
Exchange ratio:	21.155067
Pricing date:	April 27
Settlement date:	April 30
Agent:	Barclays Capital
Fees:	2.5%
Cusip:	06740LMN2

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