New Issue: Barclays prices $1 million 15% reverse convertibles linked to MGM Resorts

New York, Oct. 28 - Barclays Bank plc priced $1 million of 15% reverse convertible notes due Jan. 31, 2011 linked to MGM Resorts International shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless MGM Resorts shares fall below the protection price of $7.68, 70% of the initial price of $10.97, during the life of the notes and finish below the initial price in which case the payout will be 91.157703 shares of MGM Resorts stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	MGM Resorts International (Symbol: MGM)
Amount:	$1 million
Maturity:	Jan. 31, 2011
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless MGM Resorts shares fall below the protection price of $7.68, 70% of the initial price, and finish below the initial price, in which case 91.157703 shares of MGM Resorts stock
Initial price:	$10.97
Protection price:	$7.68, 70% of $10.97
Exchange ratio:	91.157703
Pricing date:	Oct. 26
Settlement date:	Oct. 29
Agent:	Barclays Capital
Fees:	1.25%
Cusip:	06740PSV9

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