Barclays Bank plans 95% principal-protected notes linked to BRIC currencies

By Angela McDaniels

Tacoma, Wash., June 23 - Barclays Bank plc plans to price zero-coupon 95% principal-protected notes due July 1, 2011 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.

The basket includes equal weights of the Brazilian real, Russian ruble, Indian rupee and Chinese yuan.

The payout at maturity will be 95% of par plus at least 2.75 times any appreciation in the basket relative to the dollar, subject to a maximum payment of at least $1,362.50 per note. The exact upside leverage factor and maximum payment will be set at pricing.

If the basket depreciates relative to the dollar, the payout will be 95% of par.

The notes are expected to price June 26 and settle July 1.

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