By Marisa Wong
Madison, Wis., April 17 – Barclays Bank plc priced $11.74 million of 8% STEP Income Securities due May 13, 2016 linked to Devon Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Devon 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 2.92%.
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.
BofA Merrill Lynch is the agent.
Issuer: | Barclays Bank plc
|
Issue: | STEP Income Securities
|
Underlying stock: | Devon Energy Corp. (NYSE: DVN)
|
Amount: | $11,744,200
|
Maturity: | May 13, 2016
|
Coupon: | 8%, payable quarterly
|
Price: | Par
|
Payout at maturity: | If stock finishes at or above the step level, par plus 2.92%; par if stock gains by up to step level; exposure to any losses
|
Initial price: | $66.95
|
Step level: | $72.31, 108% of the initial price
|
Pricing date: | April 15
|
Settlement date: | April 22
|
Agent: | BofA Merrill Lynch
|
Fees: | 1.75%
|
Cusip: | 06743P590
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.