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Barclays plans 8.5% STEP Income Securities linked to Ford Motor
By Susanna Moon
Chicago, Nov. 9 - Barclays Bank plc plans to price 8.5% STEP Income Securities due December 2013 linked to Ford Motor Co. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Ford stock finishes at or above the step level - 108.5% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5%. The exact percentage will be set at pricing.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Otherwise, investors will be exposed to any losses.
Bank of America Merrill Lynch is the agent.
The notes will price in November and settle in December.
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