New Issue: Barclays prices $1 million 9% reverse convertibles linked to MetLife

New York, July 28 - Barclays Bank plc priced $1 million of 9% reverse convertible notes due Jan. 31, 2012 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 $32.88, 80% of the initial price of $41.10, during the life of the notes and finish below the initial price in which case the payout will be 24.3309 shares of MetLife stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	MetLife, Inc. (Symbol: MET)
Amount:	$1 million
Maturity:	Jan. 31, 2012
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless MetLife shares fall below the protection price of $32.88, 80% of the initial price, and finish below the initial price, in which case 24.3309 shares of MetLife stock
Initial price:	$41.10
Protection price:	$32.88, 80% of $41.10
Exchange ratio:	24.3309
Pricing date:	July 26
Settlement date:	July 29
Agent:	Barclays Capital
Fees:	0.3%
Cusip:	06741JJL4

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