By Toni Weeks
San Diego, May 29 - Barclays Bank plc priced $10.4 million of market-linked step-up notes due May 23, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value - 122.35% of the initial level - the payout at maturity will be par plus the index return.
If the final index level is greater than or equal to the initial level but equal to or below the step-up value, the payout will be par plus the step-up payment of 22.35%.
Investors will be fully exposed to any losses.
Bank of America Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $10,399,640
|
| Maturity: | May 23, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but equal to or below step-up value, par plus step-up payment of 22.35%; full exposure to losses
|
| Initial level: | 1,320.68
|
| Step-up value: | 1,615.85 (122.35% of initial value)
|
| Pricing date: | May 24
|
| Settlement date: | June 1
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 06738G498
|
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