Published on 12/5/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.6 million buffered return enhanced notes linked to S&P 500 via JPMorgan
By E. Janene Geiss
Philadelphia, Dec. 5 - Barclays Bank plc priced $9.6 million of 0% buffered return enhanced notes due June 9, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.
The payout at maturity will be par plus double any index gain, subject to a maximum return of 17.2%. Investors will receive par if the index declines by 15% or less and will lose 1.1765% for each 1% that the index declines beyond 15%.
The final index level will be the arithmetic average of the index's closing levels on the five consecutive trading days ending June 4, 2009.
Issuer: | Barclays Bank plc
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Issue: | Buffered return enhanced notes
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Underlying index: | S&P 500
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Amount: | $9,597,000
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Maturity: | June 9, 2009
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus double any index gain, up to 17.2% maximum return; par if index falls by 15% or less; 1.1765% loss for each 1% decline beyond 15%
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Initial index level: | 845.22
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Final index level: | Average of index's closing levels on five trading days ending June 4, 2009
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Pricing date: | Dec. 4
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Settlement date: | Dec. 9
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
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Fees: | 0.5%
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