Barclays plans principal-protected bear notes linked to currency basket

By Jennifer Chiou

New York, March 16 - Barclays Bank plc plans to price 100% principal-protected bear notes due March 30, 2010 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.

The basket includes equal weights of the euro, Japanese yen, Singapore dollar, Australian dollar and the Korean won, all versus the dollar.

The notes are expected to price on March 27 and settle on March 30.

The payout at maturity will be determined based upon the performance of the currencies against the dollar. If the basket has a negative performance, the payout will be par plus the absolute value of the return on the basket multiplied by a percentage to be determined at pricing and expected to be 275% of the basket performance. If the basket has a positive performance, the payout will be par.

Barclays Capital will be the agent.

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