Barclays plans 7.5% STEP Income Securities tied to Ford Motor

By Marisa Wong

Madison, Wis., Dec. 11 – Barclays Bank plc plans to price 7.5% STEP Income Securities due January 2016 linked to Ford Motor Co. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the price of Ford stock finishes at or above the step level – 107.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.

If the stock finishes at or above the initial level but below the step level, the payout will be par.

Investors will be exposed to any losses.

Bank of America Merrill Lynch is the agent.

The securities will price in December and settle in January.

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