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Barclays plans 10% STEP Income Securities linked to Facebook
By Marisa Wong
Madison, Wis., March 28 - Barclays Bank plc plans to price 10% STEP Income Securities due April 2015 linked to the common stock of Facebook, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Facebook stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 110% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.
If the final share price is greater than or equal to 95% of the initial share price but less than the step level, investors will receive par.
Otherwise, investors will lose 1% for every 1% decline beyond 5%.
BofA Merrill Lynch is the agent.
The notes are expected to price and settle in April.
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