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Barclays Plc’s $3 billion of new contingent capital notes, securities designed to ensure taxpayers aren’t forced to pay for banks’ errors, fell for a second day.

The 7.625 percent subordinated 10-year notes were priced at face value and have dropped 1.55 cents on the dollar to 98.45 since the sale closed two days ago, according to Jefferies International Ltd. The notes will be written down to zero if the U.K.’s second-largest lender has losses that reduce its core Tier 1 equity ratio to 7 percent or lower.

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