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Barclays plans one-year 7% STEP Income Securities tied to Marathon Oil
By Susanna Moon
Chicago, Feb. 8 - Barclays Bank plc plans to price 7% STEP Income Securities due March 2014 linked to Marathon Oil Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Marathon Oil shares finishes at or above the step level - 107% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5% with the exact rate to 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.
Investors will be exposed to any losses.
Bank of America Merrill Lynch is the agent.
The notes are expected to price and settle in February.
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