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Barclays plans 9% STEP Income Securities tied to Hartford Financial
By Jennifer Chiou
New York, Sept. 5 - Barclays Bank plc plans to price 9% STEP Income Securities due October 2014 linked to Hartford Financial Services Group, Inc. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Ford stock finishes at or above the step level - 109% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5%. The exact percentage will be set at pricing.
If the stock finishes below the step level but at or above its initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
The notes will price and settle in September.
BofA Merrill Lynch is the agent.
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