Barclays to price 0% semi-annual review notes linked to S&P 500 via JPMorgan

By Laura Lutz

Washington, March 9 - Barclays Bank plc plans to price an issue of 0% semi-annual review notes due March 26, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price on March 16 and settle on March 21.

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 five semi-annual review dates.

The redemption amount will be par plus a call premium of at least 8.15% if the notes are called on March 24, 2008; at least 12.225% if called on Sept. 23, 2008; at least 16.3% if called on March 23, 2009; at least 20.375% if called on Sept. 23, 2009; and at least 24.45% if called on March 23, 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%.

JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. will be the agents.

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