We analyze by density evolution the asymptotic performance of rate-adaptive MacKay-Neal (MN) code ensembles, where the inner code is a protograph spatially coupled (SC) low-density parity-check code. By resorting to a suitably-defined parallel channel model, we compute belief propagation decoding thresholds, showing that SC MN code ensembles can perform within 0.15 dB from the binary-input additive white Gaussian noise capacity over the full [0,1] rate range.
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