Barclays plans notes tied to Astro Excess Return, S&P 500 Total Return

By Marisa Wong

Madison, Wis., July 11 - Barclays Bank plc plans to price 0% notes due Aug. 23, 2012 linked to a basket holding the Barclays Capital Astro US Variable Excess Return index and the S&P 500 Total Return index, according to a 424B2 filing with the Securities and Exchange Commission.

The basket level on any day equals 100 plus the performance of the S&P 500 plus 2.2 times the performance of the Astro index. The performance of the S&P 500 is equal to the S&P 500 return minus 0.52% per year. The Astro performance is equal to the Astro return.

The payout at maturity will be par plus the basket return, which could be positive or negative.

The notes are putable, subject to a minimum redemption amount of 10 notes, and the notes will be called if the basket level falls to or below 35. The payout will be par plus the basket return, which will be determined using the basket level on the day following the early redemption notice or call trigger date.

The notes (Cusip: 06738KNZ0) will price on July 19 and settle on July 22.

Barclays Capital Inc. is the agent.

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