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Barclays to price 10.5% STEP Income Securities linked to Apple
By Angela McDaniels
Tacoma, Wash., Sept. 8 – Barclays Bank plc plans to price 10.5% STEP Income Securities due October 2016 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Apple stock is greater than or equal to the step level, 110.5% of the initial share price, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing.
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.
The notes will price in September and settle in October.
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