By Jennifer Chiou
New York, April 16 - Barclays Bank plc priced $121,606,790 of 8% STEP Income Securities due May 23, 2014 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% of the initial price - the payout at maturity will be par of $10 plus a step payment of 7.52%.
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.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Ford Motor Co. (NYSE: F)
|
| Amount: | $121,606,790
|
| Maturity: | May 23, 2014
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If Ford stock finishes at or above the step level, par plus 7.52%; if stock gains by up to step level, par; otherwise, exposure to any losses
|
| Initial price: | $13.44
|
| Step level: | $14.52, 108% of initial level
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742C491
|
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