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Barclays plans dual directional buffered return enhanced notes due 2009 linked to S&P 500 via JPMorgan
By Angela McDaniels
Tacoma, Wash., Feb. 24 - Barclays Bank plc plans to price 0% dual directional buffered return enhanced notes due Sept. 1, 2009 linked to the S&P 500 index via JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any index gain, subject to a maximum return that is expected to be at least 11.8% and will be set at pricing. If the index declines by 10% or less, investors will receive par plus the absolute value of the decline. If the index declines by more than 10%, investors will lose 1.1111% for every 1% decline beyond 10%.
The notes are expected to price Feb. 27 and settle March 4.
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