By Toni Weeks
San Diego, Sept. 19 - Barclays Bank plc priced $19.41 million of 14% STEP Income Securities due Oct. 1, 2012 linked to the performance of Delta Air Lines, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the price of Delta shares finishes at or above the STEP level - 114% of the initial price - the payout at maturity will be par of $10 plus 4.3%.
If the stock finishes at or above 90% of the initial value but below the STEP level, the payout will be par.
Investors will be exposed to losses beyond the 10% buffer.
Bank of America Merrill Lynch is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Delta Air Lines, Inc. (NYSE: DAL)
|
| Amount: | $19,414,630
|
| Maturity: | Oct. 1, 2012
|
| Coupon: | 14%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If Delta shares finish at or above STEP level, par plus $0.43; if shares finish at or above threshold value but below STEP level, par; exposure to losses beyond 10% buffer
|
| Initial price: | $8.45
|
| STEP level: | $9.63, 114% of initial value
|
| Threshold value: | $7.61, 90% of initial value
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Agent: | Bank of America Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 06741L856
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
