By Jennifer Chiou
New York, June 16 – Barclays Bank plc priced $15,004,950 of 6.5% STEP Income Securities due June 29, 2015 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final price of Ford stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level is 106.5% of the initial share price, and the step payment is 2.21%.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will share in any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Ford Motor Co. (Symbol: F)
|
| Amount: | $15,004,950
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| Maturity: | June 29, 2015
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| Coupon: | 6.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If final price of Ford stock is greater than or equal to step level, par plus 2.21%; if final share price is greater than or equal to initial share price but is less than step level, par; otherwise, exposure to losses
|
| Initial share price: | $16.64, equal to volume-weighted average price on pricing date
|
| Step level: | $17.72, 106.5% of initial share price
|
| Pricing date: | June 12
|
| Settlement date: | June 19
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742W869
|
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