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Barclays plans callable contingent payment notes on Russell 2000
By Marisa Wong
Madison, Wis., Aug. 2 - Barclays Bank plc plans to price callable contingent payment notes due Aug. 31, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at an annualized rate of 8% to 8.5% if the index closes above the coupon barrier level, 75% of the initial level, on a quarterly valuation date. The exact rate will be set at pricing.
The notes are callable at par plus the contingent coupon on any interest payment date after one year.
The payout at maturity will be par unless the index finishes below the 55% barrier level, in which case investors will be fully exposed to losses.
The notes (Cusip: 06741TB48) are expected to price on Aug. 27 and settle on Aug. 30.
Barclays is the agent.
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