Barclays produces new investment note to ride US recovery

Barclays Bank is offering a three-year structured product designed to capitalise on a rapid recovery in US markets. "Just as it led the decline in 2008, experiencing losses of over 38%, commentators expect the S&P 500 (the US equity index that tracks its top 500 companies) to recover well in 2009," states the bank in promotional material that also suggests the inauguration of President Barack Obama on January 20 will provide a further fillip to the recovery.

"Barclays Wealth research predicts growth of over 15% in 2009 and a further 9.3% in 2010, supporting the views of many that, unlike some previous economic recessions, recovery could be swifter," states the bank, with the obvious caveat, "Of course, no one can guarantee if and when any recovery will kick in."

The growth product is designed to produce a return of two times the rise of the S&P 500 index, limited to a maximum return of 50% on the nominal value. The final index level is averaged daily