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Barclays plans contingent income autocallables linked to Tesoro
By Marisa Wong
Madison, Wis., March 2 – Barclays Bank plc plans to price contingent income autocallable securities due March 10, 2016 linked to Tesoro Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly payment of at least 3.5875% if the shares close at or above the 75% downside threshold level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any determination date other than the final date.
The payout at maturity will be par plus the final coupon unless the shares finish below the 75% downside threshold level, in which case investors will receive a number of Tesoro shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.
Barclays is the agent with Morgan Stanley Wealth Management handling distribution.
The notes will price on March 6 and settle on March 11.
The Cusip number is 06743P814.
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