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

By Jennifer Chiou

New York, April 12 - Barclays Bank plc plans to price iPath exchange-traded notes due 2037 linked to the Japanese yen/dollar exchange rate, according to a 424B3 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 yen/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 Bank of Japan's uncollateralized overnight call rate minus 25 basis points and investor fees of 40 bps. This will then be multiplied by the relevant day-count fraction.

Holders must redeem at least 50,000 securities at one time.

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

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

Barclays Capital will be the agent.

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