By Susanna Moon
Chicago, Sept. 28 – Barclays Bank plc priced $53.08 million of 10.5% STEP Income Securities due Oct. 14, 2016 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Apple stock finishes at or above the step level – 110.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1.01%.
If the stock finishes below the step level but at or above the initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | STEP Income Securities
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $53,080,390
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| Maturity: | Oct. 14, 2016
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| Coupon: | 10.5%, payable quarterly
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| Price: | Par of $10.00
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| Payout at maturity: | If Apple stock finishes at or above step level, par plus 1.01%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
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| Initial share price: | $113.85
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| Step level: | 110.5% of initial level
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| Pricing date: | Sept. 24
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| Settlement date: | Oct. 1
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| Agent: | BofA Merrill Lynch
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| Fees: | 1.75%
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| Cusip: | 06743Q580
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