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Barclays plans 10%-12.5% trigger yield optimization notes on Rackspace
By Jennifer Chiou
New York, May 24 - Barclays Bank plc plans to price 10% to 12.5% annualized trigger yield optimization notes due Nov. 30, 2011 linked to the common stock of Rackspace Hosting, Inc., according to an FWP with the Securities and Exchange Commission.
Interest will be payable monthly. The exact coupon will be set at pricing.
The face amount of each note will be equal to the initial share price of Rackspace stock.
The payout at maturity will be par unless the final price of Rackspace stock is less than 65% of the initial share price, in which case investors will receive one Rackspace share per note.
The notes (Cusip: 06741K379) are expected to price on May 26, with settlement on May 31.
Barclays Capital Inc. and UBS Financial Services Inc. are the agents.
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