Barclays plans 8% STEP Income Securities tied to Devon Energy stock

By Marisa Wong

Madison, Wis., April 6 – Barclays Bank plc plans to price 8% STEP Income Securities due May 2016 linked to Devon Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the price of Devon stock finishes at or above the step level – 108% 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 finishes at or above the initial level but below the step level, the payout will be par.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

The securities will price and settle in April.

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