New Issue: Barclays prices $40,000 two-year knock-out notes tied to S&P 500 index

By Marisa Wong

Madison, Wis., July 27 - Barclays Bank plc priced $40,000 of 0% knock-out notes due July 26, 2012 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 above the knock-out barrier - 115% of the initial level - during the life of the notes.

If a knock-out event occurs, the payout at maturity will be par plus a knock-out rebate of 2%.

If a knock-out event does not occur, the payout will be par plus the index return, subject to a floor of par.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$40,000
Maturity:	July 26, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus a knock-out rebate of 2% if index ever closes above 115% of initial level during the life of the notes; otherwise par plus the index return, with floor of par
Initial level:	1,102.66
Knock-out barrier:	1,268.06, 115% of initial level
Knock-out rebate:	2%
Pricing date:	July 23
Settlement date:	July 28
Agent:	Barclays Capital
Fees:	1.5%
Cusip:	06740PCY0

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