Barclays plans issue of principal-protected notes linked to BRIC currency basket

By E. Janene Geiss

Philadelphia, Feb. 5 - Barclays Bank plc plans to price an issue of 100% principal-protected bear notes due March 2, 2009 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese yuan, all versus the dollar.

The notes are expected to price Feb. 23 and settle Feb.28.

The payout at maturity will be determined based upon the performance of the currencies against the dollar. If the basket has a positive performance, the payout will be par plus the return on the basket multiplied by a percentage to be determined at pricing and expected to be 300% of the basket performance. If the basket has a negative performance, the payout will be par.

Barclays Capital will be the agent.

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