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Barclays plans CDs due 2020 linked to basket of 10 common stocks
By Angela McDaniels
Tacoma, Wash., Jan. 3 - Barclays Bank Delaware plans to price certificates of deposit due Jan. 30, 2020 linked to a basket of common stocks, according to a term sheet.
The equally weighted basket includes Apple Inc., AT&T Inc., Bristol-Myers Squibb Co., Cisco Systems, Inc., Duke Energy Corp., Ford Motor Co., Hewlett-Packard Co., McDonald's Corp., Nike, Inc. and Yahoo! Inc.
The CDs will pay a coupon each year equal to the average of the performances of the stocks, subject to a minimum coupon of zero.
If a stock's return is zero or positive, its performance will be equal to the return cap. If a stock's return is negative, its performance will be the greater of the stock return and negative 15%. The return cap is expected to be 9.5% to 10% and will be set at pricing.
Investors will receive par at maturity.
Barclays is the agent. Incapital LLC is distributor. The fees are expected to be 4%.
The CDs will price Jan. 27 and settle Jan. 31.
The Cusip number is 06740AJ34.
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