New Issue: JPMorgan prices $11.185 million annual review notes linked to S&P 500 for Barclays

By Angela McDaniels

Seattle, Jan. 23 - Barclays Bank plc priced an $11.185 million issue of 0% annual review notes due Feb. 9, 2010 linked to the S&P 500 index via JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at increasing premiums if the index level is at or above the initial index level on any of the three annual review dates.

The redemption amount will be par plus 8.74% if called on Feb. 4, 2008, par plus 17.48% if called on Feb. 4, 2009 and par plus 26.22% if called on Feb. 4, 2010.

If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial index level. Investors will lose 1.1111% for each 1% decline beyond 10%.

Issuer:	Barclays Bank plc
Issue:	Annual review notes
Underlying index:	S&P 500
Amount:	$11.185 million
Maturity:	Feb. 9, 2010
Coupon:	0%
Price:	Par
Call:	Automatically called if index level is at or above the initial index level on an annual review date; payout will be par plus 8.74% if called on Feb. 4, 2008, par plus 17.48% if called on Feb. 4, 2009 and par plus 26.22% if called on Feb. 4, 2010
Payout at maturity:	Par unless the index declines by more than 10%, in which case investors will lose 1.1111% for every 1% decline in the index beyond 10%
Initial index level:	1,430.5
Pricing date:	Jan. 19
Settlement date:	Jan. 24
Agent:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Agent fees:	2%

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