Barclays to price principal-protected digital plus notes linked to currency basket

By Laura Lutz

Des Moines, Oct. 1 - Barclays Bank plc plans to arrange an issue of 100% principal-protected digital plus notes due Oct. 29, 2009 linked to a basket of five currencies, according to an FWP filing with the Securities and Exchange Commission.

The underlying basket includes equal weights of the exchange rates between the U.S. dollar and the Brazilian real, the Indonesian rupee, the Icelandic krone, the Turkish new lira and the Hungarian forint.

Interest, if any, will be determined on Oct. 27, 2008. If the basket level on that date is greater than the initial level, investors will receive a coupon payment equal to 10% of par. Otherwise, investors will not receive a coupon payment.

If the final basket level is greater than the initial level, the payout at maturity will be par times the basket performance, subject to a minimum positive return of 10%. Otherwise, investors will receive par.

The notes will price on Oct. 26 and settle on Oct. 31.

Barclays Capital will be the underwriter.

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