Barclays plans knock-out Super Track notes linked to S&P 500 index

By Susanna Moon

Chicago, April 30 - Barclays Bank plc plans to price 0% knock-out Super Track notes due Nov. 30, 2011 based on the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

A knock-out event occurs if the index ever closes below 80% of the initial price during the life of the notes.

If the index finishes at or above its initial level, the payout at maturity will be par plus double any gain, up to a maximum return of 17% to 23%. The exact cap will be set at pricing.

If the index finishes below its initial level, the payout will be par unless a knock-out event has occurred, in which case the payout will be par plus the fund return.

The notes are expected to price on May 25 and settle on May 28.

Barclays Capital Inc. is the agent.

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