Barclays plans contingent income autocallables on Las Vegas Sands

By Jennifer Chiou

New York, May 9 - Barclays Bank plc plans to price contingent income autocallable securities due May 22, 2017 linked to Las Vegas Sands Corp. shares, according to an FWP with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon of 3.3125% if Las Vegas Sands stock closes at or above the barrier level, 75% of the initial share price, on a determination date for that quarter.

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

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 coupon.

Otherwise, the payout will be a number of Las Vegas Sands shares equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

The notes (Cusip: 06742K287) are expected to price on May 16 and settle on May 21.

Barclays is the agent.

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