Barclays to sell 0% annual review notes linked to S&P 500 via JPMorgan

By Laura Lutz

Washington, Feb. 2 - Barclays Bank plc plans to sell 0% annual review notes due March 4, 2010 linked to the S&P 500 index via JPMorgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price on Feb. 9 and settle on Feb. 12.

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 a call premium of at least 8.5% if called on March 3, 2008, at least 17% if called on March 2, 2009 and at least 25.5% if called on March 1, 2010. The exact call premiums will be determined at pricing.

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

J.P. Morgan Securities Inc. will be the agent.

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