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Barclays plans 8% STEP Income Securities linked to General Electric
By Jennifer Chiou
New York, Aug. 25 - Barclays Bank plc plans to price 8% STEP Income Securities due September 2012 linked to General Electric Co. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of General Electric shares 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 1% to 5% that will be set at pricing.
If the stock finishes at or above 95% of the initial price but below the step level, the payout will be par.
Investors will be exposed to any losses beyond the 5% buffer level.
The notes are expected to price and settle in September.
Bank of America Merrill Lynch is the agent.
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