New Issue: Barclays prices $32.06 million step-up notes linked to S&P 500

By E. Janene Geiss

Philadelphia, Aug. 29 - Barclays Bank plc priced $32.06 million of 0% market-linked step-up notes due Aug. 28, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the step-up value, the payout at maturity will be par of $10.00 plus the index gain. The step-up value is 134% of the initial level.

If the index finishes at or above the initial level but at or below the step-up value, the payout at maturity will be par of $10.00 plus the step-up payment of $3.40 per note.

Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond 15%.

Bank of America Merrill Lynch is the agent.

Issuer:	Barclays Bank plc
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$32,057,240
Maturity:	Aug. 28, 2015
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above 134% of initial level, par plus index gain; if index gains but is less than or equal to step-up level, par plus 34%; par for losses of up to 15%; exposure to any losses beyond 15%
Initial level:	1,159.27
Step up level:	1,553.42, or 134% of initial level
Buffer level:	985.38, or 85% of initial level
Pricing date:	Aug. 25
Settlement date:	Sept. 2
Agent:	Bank of America Merrill Lynch
Fees:	2.5%
Cusip:	06741L807

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