Published on 10/20/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $23.35 million STEP Income Securities on FireEye
By Jennifer Chiou
New York, Oct. 20 – Barclays Bank plc priced $23,347,460 of 12.5% STEP Income Securities due Oct. 30, 2015 tied to FireEye, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock finishes at or above the step level of $31.96, 112.5% of the initial price, the payout at maturity will be par plus 6.01%. If the stock finishes at or above 95% of the initial share price but below the step level, the payout will be par. Investors will lose 1% for every 1% decline in the stock beyond 5%.
Merrill Lynch & Co. is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | STEP Income Securities
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Underlying stock: | FireEye, Inc. (Nasdaq: FEYE)
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Amount: | $23,347,460
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Maturity: | Oct. 30, 2015
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Coupon: | 12.5%, payable quarterly
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Price: | Par
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Payout at maturity: | If stock finishes at or above the step level of $31.96, 112.5% of the initial price, par plus 6.01%; if stock finishes at or above initial share price but below step level, par; 1% loss for every 1% decline beyond 5%
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Initial price: | $28.41
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Step level: | $31.96, 112.5% of the initial price
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Threshold level: | $26.99, 95% of the initial price
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Pricing date: | Oct. 16
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Settlement date: | Oct. 22
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Underwriters: | Merrill Lynch & Co.
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Fees: | 1.75%
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Cusip: | 06742Y790
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