Barclays plans three-year contingent income autocallables on MetLife

By Susanna Moon

Chicago, Aug. 1 – Barclays Bank plc plans to price contingent income autocallable securities due Aug. 7, 2020 linked MetLife, Inc. stock, according to a 424B2 with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate of 8.35% if the shares close at or above the 80% downside threshold on a determination date for that quarter.

The notes will be called at par of $10 plus the contingent coupon if the stock closes at or above the initial level on any determination date other than the final date.

The payout at maturity will be par unless the stock finishes below the 80% downside threshold, in which case investors will be fully exposed to any losses.

Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.

The notes will price on Aug. 4 and settle on Aug. 9.

The Cusip number is 06746L646.

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