By Angela McDaniels
Tacoma, Wash., Jan. 15 – Barclays Bank plc priced $9.7 million of 8.5% STEP Income Securities due Jan. 27, 2017 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
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 9.2%. The step level is 108.5% of the initial share price.
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 be fully exposed to the decline.
BofA Merrill Lynch is the agent.
Issuer: | Barclays Bank plc
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Issue: | STEP Income Securities
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Underlying stock: | Ford Motor Co. (NYSE: F)
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Amount: | $9,703,750
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Maturity: | Jan. 27, 2017
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Coupon: | 8.5%, payable quarterly
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Price: | Par of $10.00
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Payout at maturity: | If final price of Ford stock is greater than or equal to step level, par plus 9.2%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, full exposure to losses
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Initial share price: | $12.35 (volume-weighted average price on pricing date)
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Step level: | $13.40, 108.5% of initial share price
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Pricing date: | Jan. 13
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Settlement date: | Jan. 21
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 25156D365
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