By Marisa Wong
Madison, Wis., Dec. 29 – Barclays Bank plc priced $24.91 million of 7.5% STEP Income Securities due Jan. 15, 2016 linked to Ford Motor Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the stock finishes at or above the step level – 107.5% of the initial price – the payout at maturity will be par plus the 4.4% step payment.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Ford Motor Co. (NYSE: F)
|
| Amount: | $24,914,630
|
| Maturity: | Jan. 15, 2016
|
| Coupon: | 7.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above the step level, par plus 4.4%; par if stock gains by up to step level; exposure to any losses
|
| Initial price: | $15.37
|
| Step level: | $16.52, 107.5% of the initial price
|
| Pricing date: | Dec. 23
|
| Settlement date: | Jan. 2
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06742Y238
|
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