By Jennifer Chiou
New York, April 16 - Barclays Bank plc priced $10,174,610 of 6.5% STEP Income Securities due May 2, 2014 linked to International Paper Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If International Paper stock finishes at or above the step level - 106.5% of the initial price - the payout at maturity will be par of $10 plus a step payment of 8.52%.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Barclays Bank plc
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Issue: | STEP Income Securities
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Underlying stock: | International Paper Co. (NYSE: IP)
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Amount: | $10,174,610
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Maturity: | May 2, 2014
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Coupon: | 6.5%, payable quarterly
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Price: | Par of $10
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Payout at maturity: | If International Paper stock finishes at or above the step level, par plus 8.52%; if stock gains by up to step level, par; otherwise, exposure to any losses
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Initial price: | $48.59
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Step level: | $51.75, 106.5% of initial level
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Pricing date: | April 11
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Settlement date: | April 18
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06742C483
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