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Barclays plans to price 7% STEP Income Securities linked to Intel
By Toni Weeks
San Luis Obispo, Calif., Nov. 26 – Barclays Bank plc plans to price 7% STEP Income Securities due December 2015 linked to Intel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Intel 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% that will be set at pricing.
If the stock return is zero or positive but the share price finishes below the step level, the payout will be par.
Investors will be fully exposed to any losses.
The notes are expected to price and settle in December.
BofA Merrill Lynch is the agent.
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