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Barclays plans callable contingent coupon notes linked to UPS stock
By Marisa Wong
Madison, Wis., Jan. 29 - Barclays Bank plc plans to price callable contingent coupon notes due February 2016 linked to the common stock of United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a coupon of at least 1.375% (equivalent to 5.5% per year) each quarter if the closing price of UPS shares is greater than or equal to the barrier price, 80% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.
The notes are callable at par plus the contingent coupon, if any, on any interest payment date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. If the final share price is less than the barrier price, investors will receive a number of UPS shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.
The notes (Cusip: 06741JWY1) are expected to price and settle in February.
Barclays is the agent.
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