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Barclays plans 8.5% STEP Income Securities linked to Valero Energy
By Susanna Moon
Chicago, May 16 - Barclays Bank plc plans to price 8.5% STEP Income Securities due June 2014 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Ford stock finishes at or above the step level - 108.5% 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 the 95% threshold level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in May and settle in June.
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