Barclays to price 9% STEP Income Securities linked to Deere stock

By Jennifer Chiou

New York, Aug. 25 - Barclays Bank plc plans to price 9% STEP Income Securities due October 2012 linked to Deere & Co. shares, according to an FWP with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the price of Deere shares finishes at or above the step level - 109% 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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