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Barclays to price buffered return enhanced notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Nov. 16 - Barclays Bank plc plans to price 0% buffered return enhanced notes due Dec. 7, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus double any increase in the index, subject to a maximum return that is expected to be 12.3% or more and will be set at pricing. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that it declines beyond 10%.
The final index level will be the average of the index's closing levels on the five trading days ending Dec. 2, 2011.
The notes (Cusip 06740PN44) are expected to price Nov. 19 and settle Nov. 24.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
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