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Barclays plans to price 8.5% STEP Income Securities linked to Amazon
By Sarah Lizee
Olympia, Wash., April 8 – Barclays Bank plc plans to price 8.5% STEP Income Securities due April 2020 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Amazon stock is greater than or equal to the step level, 108.5% 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 be exposed to the decline.
BofA Merrill Lynch is the agent.
The notes will price in April.
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