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Barclays plans trigger contingent yield notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., Jan. 29 – Barclays Bank plc plans to price trigger callable contingent yield notes due Feb. 8, 2018 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index’s closing level remains at or above its trigger level, 75% of its initial level, on each day during that quarter. The contingent coupon rate is expected to be 16% to 17.5% per year and will be set at pricing.
The notes will be callable at par on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Barclays are the underwriters.
The notes will price Feb. 5.
The Cusip number is 06740Q864.
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