By Jennifer Chiou
New York, Aug. 8 - Barclays Bank plc priced a $2.303 million issue of 0% annual review notes due Aug. 19, 2010 linked to the S&P 500 index, 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 90% of the initial level on the first review date and at or above the initial index level on any of the next two annual review dates.
The redemption amount will be par plus 10.05% if the notes are called on Aug. 15, 2008, par plus 20.1% if called on Aug. 17, 2009 and par plus 30.15% if called on Aug. 16, 2010.
If the notes are not called, the payout at maturity will be par times the index performance. Investors will receive par for losses up to 10% and will share in any decline beyond 10% at a rate of 1.1111% per 1% drop.
JPMorgan Chase Bank, NA and JPMorgan Securities Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual review notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $2.303 million
|
| Maturity: | Aug. 19, 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | Automatically called if index level is at or above initial index level on an annual review date; payout will be par plus 10.05% if called on Aug. 15, 2008, par plus 20.1% if called on Aug. 17, 2009 and par plus 30.15% if called on Aug. 16, 2010
|
| Payout at maturity: | Par times the index performance; par for losses up to 10%; investors share in losses at a rate of 1.1111% per 1% decline beyond 10%
|
| Initial index level: | 1,467.67
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 9
|
| Agents: | JPMorgan Chase Bank, NA and JPMorgan Securities Inc.
|
| Fees: | 2%
|
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