New York, Sept. 1 – Barclays Bank plc priced $35.52 million of 80.5% STEP Income Securities due Sept. 16, 2016 linked to the common stock of Whirlpool Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final price of Whirlpool stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment of $0.602. The step level is 108.5% of the initial share price.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Whirlpool Corp. (NYSE: WHR)
|
| Amount: | $35,516,830
|
| Maturity: | Sept. 16, 2016
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| Coupon: | 8.5%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of Whirlpool stock is greater than or equal to step level, par plus 6.02%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, full exposure to losses
|
| Initial share price: | $171.42
|
| Step level: | $185.99, 108.5% of initial share price
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 3
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06743Q747
|
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