Barclays plans contingent income autocallables tied to General Motors

By Toni Weeks

San Luis Obispo, Calif., Jan. 23 - Barclays Bank plc plans to price contingent income autocallable securities due Feb. 3, 2017 linked to the common stock of General Motors Co., according to an FWP filing with the Securities and Exchange Commission.

If General Motors stock closes at or above the downside threshold level - 80% of the initial share price - on any quarterly determination date, investors will receive a contingent payment of at least $0.26875 for each $10.00 note. Otherwise, no contingent payment will be made for that period. The exact contingent payment will be set at pricing.

If the closing share price is greater than or equal to the initial share price on any quarterly determination date other than the final date, the notes will be automatically redeemed at par plus the contingent payment.

If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. If the final share price is less than the downside threshold level, the payout will be a number of General Motors shares equal to the principal amount of notes divided by the initial share price or, at the issuer's option, the cash value of those shares.

The notes (Cusip: 06742B675) are expected to price Jan. 31 and settle Feb. 5.

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

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