Barclays to price principal-protected notes linked to Pimco High Yield fund

By Angela McDaniels

Tacoma, Wash., April 1 - Barclays Bank plc plans to price zero-coupon 100% principal-protected notes due May 7, 2014 linked to institutional-class shares of the Pimco High Yield fund, according to an FWP filing with the Securities and Exchange Commission.

If the final adjusted fund level is greater than the initial level, the payout at maturity will be par plus 100% to 120% of the gain, with the exact participation rate to be set at pricing. Otherwise, the payout will be par.

The final adjusted fund level will equal the average of the adjusted fund levels on the last business day in April of each year.

The adjusted fund level on the pricing date will be 1. On any subsequent date, it will equal the adjusted fund level on the previous day multiplied by the sum of the per-share net asset value of the fund on that day plus any dividends paid divided by the net asset value for the previous day.

The notes will price April 27 and settle three days later.

Barclays Capital Inc. is the agent.

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