By Jennifer Chiou
New York, Oct. 15 - Barclays Bank plc priced $43,054,240 of 8.5% STEP Income Securities due Oct. 25, 2013 linked to the common stock of Apple Inc., 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 - 108.5% of the initial price - the payout at maturity will be par of $10.00 plus a payment of $1.09.
If the stock finishes at or above the initial level but below the step level, the payout will be par. Investors will share in any losses.
Bank of America Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $43,054,240
|
| Maturity: | Oct. 25, 2013
|
| Coupon: | 8.5%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If Apple stock finishes at or above step level, par plus 10.9%; if stock finishes at or above initial level but below step level, par; investors share in losses
|
| Initial price: | $635.49
|
| Step level: | $689.51, 108.5% of initial price
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 17
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742A693
|
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