Barclays to price 8.5% Step Income Securities linked to Apple

By Angela McDaniels

Tacoma, Wash., Sept. 16 - Barclays Bank plc plans to price 8.5% Step Income Securities due October 2012 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch is the underwriter.

Interest will be payable quarterly.

If Apple stock finishes at or above the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 108.5% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.

If the stock finishes below the step level but at or above the initial share price, the payout will be par.

Investors will be fully exposed to any decline in the share price.

The notes will price in September and settle in October.

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