By Jennifer Chiou
New York, May 27 - Barclays Bank plc priced $357,000 of 0% knock-out Super Track notes due Nov. 30, 2011 linked to the S&P 500 index, according to a 424B2 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 27%.
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 index return.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Knock-out Super Track notes
|
| Underlying index: | S&P 500
|
| Amount: | $357,000
|
| Maturity: | Nov. 30, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus double any index increase, up to maximum return of 27%; par if index return is negative and knock-out event has not occurred; investors share in losses if knock-out event has occurred
|
| Initial level: | 1,074.03
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.25%
|
| Cusip: | 06740LPV1
|
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