Barclays plans 11.25%-13.75% yield optimization notes tied to Freeport

By Angela McDaniels

Tacoma, Wash., Aug. 17 - Barclays Bank plc plans to price yield optimization notes with contingent protection due Feb. 26, 2010 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will carry an annualized coupon of 11.25% to 13.75%, with the exact coupon to be set at pricing. Interest will be payable quarterly.

Each note will have a face amount that is equal to the closing price of Freeport-McMoRan stock on the pricing date.

If the final share price of Freeport-McMoRan stock is less than 60% of the initial share price, the payout at maturity will be one Freeport-McMoRan share per note. Otherwise, the payout will be par.

The notes are expected to price Aug. 27 and settle Aug. 31.

UBS Financial Services Inc. and Barclays Capital Inc. are the underwriters.

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