By Marisa Wong
Madison, Wis., Aug. 30 - Barclays Bank plc priced $33.51 million of 8% STEP Income Securities due Sept. 11, 2012 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the price of Apple stock finishes at or above the step level, the payout at maturity will be par of $10 plus a step payment of 9.02%. The step level is 108% of the initial share price.
If the stock finishes at or above the initial price but below the step level, the payout will be par.
Investors will be exposed to any share price decline.
Bank of America Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $33,509,280
|
| Maturity: | Sept. 11, 2012
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus 9.02% if final share price is greater than or equal to step level; par if final share price is less than step level but greater than or equal to initial share price; full exposure to any share price decline
|
| Initial share price: | $379.67
|
| Step level: | $410.04, 108% of initial share price
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 2
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06738G522
|
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