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Barclays plans one-year callable Stars with 5% buffer linked to Apple
By Susanna Moon
Chicago, April 26 - Barclays Bank plc plans to price 0% Strategic Accelerated Redemption Securities due May 2013 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Apple stock closes at or above its initial level on any of three observation dates, the notes will be called at par of $10 plus an annualized call premium of 16% to 20%. The observation dates are in November, February 2013 and May 2013, and the exact call premium will be set at pricing.
If the notes are not called, the payout at maturity will be par for losses up to 5%, and investors will be exposed to losses beyond 5%.
Bank of America Merrill Lynch is the agent.
The notes will price and settle in May.
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