New Issue: Barclays prices $1 million more 14.5% reverse convertible notes linked to MetLife

By Toni Weeks

San Diego, June 26 - Barclays Bank plc priced an additional $1 million of 14.5% annualized reverse convertible notes due Dec. 28, 2012 linked to MetLife Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the total deal size to $2.4 million. The initial $400,000 of the notes priced Dec. 27, 2011, and another $1 million of the notes priced May 22.

The payout at maturity will be par in cash unless MetLife shares fall below $21.84, 70% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be a number of MetLife shares equal to $1,000 divided by the initial price.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	MetLife, Inc. (Symbol: MET)
Amount:	$2.4 million, increased from $400,000
Maturity:	Dec. 28, 2012
Coupon:	14.5%, payable monthly
Price:	Variable
Payout at maturity:	Par in cash unless MetLife shares fall below the protection price of $21.84, 70% of the initial price, and finish below the initial price, in which case 32.051282 shares of MetLife stock
Initial price:	$31.20
Protection price:	$21.84, 70% of $31.20
Exchange ratio:	32.051282
Pricing dates:	Dec. 27 for $400,000; May 22 for $1 million; June 26 for $1 million in latest add-on
Settlement dates:	Dec. 30 for $400,000; May 25 for $1 million; June 28 for $1 million in latest add-on
Agent:	Barclays Capital
Fees:	1.5% (for $400,000); 2.1% (for $2 million)
Cusip:	06741JPX1

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