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A Barclays note's 60% protection barrier creates a far sharper payoff cliff than its 8.70% coupon suggests
A November preliminary SEC-filed Barclays Bank PLC structured note illustrates how three US stock indices, quarterly contingent coupons, discretionary early redemption and a downside barrier combine. A one-percentage-point difference around a final 60% index level can change redemption by hundreds of dollars per $1,000 note—before issuer credit risk is considered.