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Barclays plans callable contingent payment notes tied to three indexes
By Toni Weeks
San Luis Obispo, Calif., March 25 – Barclays Bank plc plans to price callable contingent payment notes due Sept. 29, 2016 linked to the least performing of the S&P 500 index, Russell 2000 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 9% if each underlying index closes at or above its coupon barrier level, 75% of the initial level, on a quarterly valuation date. Otherwise, no coupon will be paid that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless the least-performing index finishes below the 75% barrier level, in which case investors will be fully exposed to the decline of the least-performing index.
The notes (Cusip: 06741UTD6) are expected to price March 26 and settle March 31.
Barclays is the agent.
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