New Issue: Barclays prices $2 million more 14% reverse convertibles on MetLife

By Jennifer Chiou

New York, Jan. 3 - Barclays Bank plc priced $2 million of additional 14% reverse convertible notes due Oct. 31, 2012 linked to MetLife Inc. shares, bringing the total amount to $6.2 million, according to a 424B2 filing with the Securities and Exchange Commission.

The original $200,000 priced on Oct. 26, while a $2 million add-on priced on Nov. 8, a $1 million add-on priced on Nov. 11 and another $1 million priced on Nov. 30.

The payout at maturity will be par in cash unless MetLife shares fall below the protection price of $23.21, 70% of the initial price of $33.15, during the life of the notes and finish below the initial price in which case the payout will be 30.165913 shares of MetLife stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	MetLife Inc. (Symbol: MET)
Amount:	$6.2 million (up from original $200,000)
Maturity:	Oct. 31, 2012
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless MetLife shares fall below the protection price of $23.21, 70% of the initial price, and finish below the initial price, in which case 30.165913 shares of MetLife stock
Initial price:	$33.15
Protection price:	$23.21, 70% of $33.15
Exchange ratio:	30.165913
Pricing date:	Oct. 26 for $200,000; Nov. 8 for $2 million; Nov. 11 for $1 million; Nov. 30 for $1 million; Dec. 29 for $2 million
Settlement date:	Oct. 31 for $200,000; Nov. 14 for $3 million; Dec. 5 for $1 million; Jan. 4 for $2 million
Agent:	Barclays Capital Inc.
Fees:	2.1%
Cusip:	06741JNH8

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