Barclays plans to price 0% barrier notes on Brent crude futures

By Toni Weeks

San Diego, Jan. 9 - Barclays Bank plc plans to price 0% barrier notes due July 24, 2013 linked to Brent crude futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

A barrier event will occur if the settlement price of Brent crude is less than the barrier - 61% to 66% of the initial price - on any day during the life of the notes. The actual barrier will be determined at pricing.

If a barrier event occurs, the payout at maturity will be par plus the return, which could be positive or negative. Otherwise, investors will receive par plus the absolute value of the Brent crude return.

In either case, the return is capped at 40%.

The notes (Cusip: 06738KH46) are expected to price Jan. 19 and settle Jan. 24.

Barclays Capital Inc. is the agent.

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