By Toni Weeks
San Diego, July 18 - Barclays Bank plc priced $70.28 million of 7% STEP Income Securities due July 27, 2012 linked to the performance of General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch is the agent.
Interest will be payable quarterly.
If the price of General Electric shares finishes at or above the step level - 107% of the initial price - the payout at maturity will be par of $10 plus 7.11%.
If the stock finishes at or above the initial value but below the step level, the payout will be par.
Investors will be fully exposed to any losses.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | General Electric Co. (NYSE: GE)
|
| Amount: | $70,277,650
|
| Maturity: | July 27, 2012
|
| Coupon: | 7%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If General Electric shares finish at or above $19.92, par plus $0.711 per $10 note; if shares finish at or above $18.62 but below STEP level, par; full exposure to losses
|
| Initial price: | $18.62
|
| STEP level: | $19.92, 107% of initial value
|
| Pricing date: | July 14
|
| Settlement date: | July 19
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06741K262
|
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