By Susanna Moon
Chicago, June 2 – Barclays Bank plc priced $25.92 million of 9% STEP Income Securities due June 16, 2017 linked to Facebook, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Facebook stock finishes at or above the step level – 109% of the initial price – the payout at maturity will be par of $10 plus a step payment of 2.16%.
If the stock finishes below the step level but at or above the initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | STEP Income Securities
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| Underlying stock: | Facebook, Inc. (Nasdaq: FB)
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| Amount: | $25,916,770
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| Maturity: | June 16, 2017
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| Coupon: | 9%, payable quarterly
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| Price: | Par of $10.00
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| Payout at maturity: | If Facebook stock finishes at or above step level, par plus 2.16%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
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| Initial share price: | $119.16
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| Step level: | $129.88, 109% of initial level
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| Pricing date: | May 26
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| Settlement date: | June 3
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| Agent: | BofA Merrill Lynch
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| Fees: | 1.75%
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| Cusip: | 06744K418
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