Barclays to sell Bear Market PLUS linked to S&P 500 via Morgan Stanley

By E. Janene Geiss

Philadelphia, Dec. 23 - Barclays Bank plc plans to price 0% Bear Market Performance Leveraged Upside Securities due Dec. 20, 2010 linked inversely to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Morgan Stanley and Barclays Capital are the agents.

Payout at maturity will be par of $10.00 plus triple the absolute value of any decline in the shares, up to a maximum payout of $11.70 to $12.30 per note. The exact cap will be set at pricing.

If the index gains, payout will be par minus the increase, up to a loss of 80%. Investors will receive at least $2.00 per note.

The notes are expected to price and settle in January.

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