Barclays plans exchange-traded notes linked to Barclays GEMS

By Jennifer Chiou

New York, Jan. 22 - Barclays Bank plc plans to price exchange-traded notes due 2038 linked to the Barclays Global Emerging Markets Strategy index (GEMS), according to a 424B3 filing with the Securities and Exchange Commission.

The index was created in January 2007 by Barclays Capital to provide investors with exposure to local currencies in emerging markets through short-term, liquid and diversified instruments.

Interest will be payable monthly on the 15th and will be equal to the implied earned interest, minus fees, of the ex coupon value for the preceding month times the difference between the quotient of the current spot index level divided by the preceding month's spot level, and the monthly spot return.

The payout at maturity will equal the closing indicative value.

The closing indicative value on the pricing date will be $50. Each day, the closing indicative value will equal the closing indicative value on the previous day times the daily index factor, which is the closing level of the index divided by the level from the preceding day, minus an investor fee of 0.89% per year.

The notes will be putable weekly. The payout will be equal to the closing indicative value.

Barclays Capital Inc. is the agent.

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