By Susanna Moon
Chicago, Nov. 30 - Barclays Bank plc priced $35.04 million of 8.5% STEP Income Securities due Dec. 13, 2013 linked to Ford Motor Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Ford stock finishes at or above the step level - 108.5% of the initial price - the payout at maturity will be par of $10 plus a step payment of 4.55%.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Otherwise, investors will be exposed to any losses.
Bank of America Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Ford Motor Co. (NYSE: F)
|
| Amount: | $35,042,200
|
| Maturity: | Dec. 13, 2013
|
| Coupon: | 8.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If Ford stock finishes at or above the step level, par plus 4.55%; if stock gains by up to step level, par; otherwise, exposure to any losses
|
| Initial price: | $11.45
|
| Step level: | $12.42, 108.50% of initial level
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 5
|
| Underwriter: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742A487
|
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