Barclays plans three-year contingent income autocallables on Facebook

By Devika Patel

Knoxville, Tenn., July 6 – Barclays Bank plc plans to price contingent income autocallable securities due July 16, 2021 linked to Facebook, Inc. class A common shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of at least 8.25% if the stock closes at or above its downside threshold level, 70% of its initial level, on the review date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par if the stock closes at or above its initial level on any determination date other than the final one beginning on Oct. 15.

The payout at maturity will be par plus the coupon unless Facebook shares finish below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the stock from its initial level.

Barclays is the agent with Morgan Stanley Wealth Management as dealer.

The notes (Cusip: 06746T524) will price July 13 and settle on July 18.

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