Barclays to price 0% iPath exchange-traded notes linked to the pound/dollar exchange rate

By E. Janene Geiss

Philadelphia, April 12 - Barclays Bank plc plans to price an issue of iPath exchange-traded notes due 2037 linked to the pound/dollar exchange rate, according to a 424B2 filing with the Securities and Exchange Commission.

Holders may redeem their notes at any time during the life of the notes for a cash payment equal to the principal amount of notes divided by the initial exchange rate, multiplied by the pound/dollar exchange rate on the valuation date and multiplied by the adjustment factor.

The adjustment factor will initially equal one. It will be calculated daily and will be equal to the previous business day's adjustment factor multiplied by the sum of one plus the Sterling Overnight Index Average, minus 0.25% and investor fees of 0.40%. This will then be multiplied by the relevant daycount fraction.

The payout at maturity will be calculated in the same manner.

Barclays will apply to list the securities on the New York Stock Exchange under the ticker "GBB."

Barclays Capital will be the agent.

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