New Issue: Barclays prices $7.585 million annual review notes linked to S&P 500 via JPMorgan

By Laura Lutz

Des Moines, April 25 - Barclays Bank plc priced a $7.585 million issue of 0% annual review notes due April 29, 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 8.35% if the notes are called on April 25, 2008, par plus 16.7% if called on April 24, 2009 and par plus 25.05% if called on April 26, 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 in the index beyond 10%.

Issuer:	Barclays Bank plc
Issue:	Annual review notes
Underlying index:	S&P 500 index
Amount:	$7.585 million
Maturity:	April 29, 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 8.35% if called on April 25, 2008, par plus 16.7% if called on April 24, 2009 and par plus 25.05% if called on April 26, 2010
Payout at maturity:	Par unless the index declines by more than 10%, in which case investors will lose 1.1111% for every 1% index decline beyond 10%
Initial index level:	1,484.35
Pricing date:	April 20
Settlement date:	April 25
Agents:	JPMorgan Chase Bank, NA; J.P. Morgan Securities Inc.
Agent fees:	2%

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