Barclays plans contingent income notes linked to Visa, MasterCard

By Angela McDaniels

Tacoma, Wash., Nov. 4 – Barclays Bank plc plans to price contingent income autocallable securities due Nov. 12, 2021 linked to the lesser performing of the class A common stock of Mastercard Inc. and the class A common stock of Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If each stock closes at or above its downside threshold level, 75% of its initial share price, on a quarterly determination date, the notes will pay a contingent payment that quarter at an annualized rate of at least 9%. The exact rate will be set at pricing.

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

If the lesser-performing stock’s final share price is greater than or equal to its downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser-performing stock’s final share price is less than its initial share price.

Barclays is the agent. Morgan Stanley Wealth Management is a dealer.

The notes are expected to price Nov. 8.

The Cusip number is 06747D296.

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