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Barclays plans dual directional buffered return enhanced notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, April 22 - Barclays Bank plc plans to sell 0% dual directional buffered return enhanced notes due May 14, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.
Payout at maturity will be par plus double any gain on the index, capped at 112.5% of par.
If the index falls by up to 10%, the payout will be par plus the absolute value of the index return. Investors will lose 1.1111% for each 1% that the index declines beyond 10%.
The return on the index will be based on the average of the index's level on the five trading days ending May 11, 2009.
The notes are expected to price on April 25 and settle on April 30.
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