Barclays plans contingent income autocallables linked to Valero Energy

By Susanna Moon

Chicago, Aug. 15 – Barclays Bank plc plans to price contingent income autocallable securities due Aug. 25, 2017 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon of at least 2.5625% if Valero Energy stock closes at or above the 75% trigger level on a determination date for that quarter.

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

The payout at maturity will be par plus the contingent payment unless the stock finishes below the 75% trigger level, in which case the payout will be a number of Valero Energy shares equal to $10 divided by the initial share 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 Aug. 22 and settle on Aug. 27.

The Cusip number is 06742W174.

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