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Barclays plans callable contingent coupon notes on S&P 500 index
By Sarah Lizee
Olympia, Wash., Aug. 15 – Barclays Bank plc plans to price callable contingent coupon notes due Aug. 31, 2019 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a coupon at an annualized rate of 6% if the index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
After six months, the notes are callable at par on any interest payment date.
If the index finishes at or above its barrier level, 50% of its initial level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the index.
Barclays is the agent.
The notes will price on Aug. 27.
The Cusip number is 06747NCL6.
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