Barclays plans contingent income autocallables linked to Schlumberger

By Marisa Wong

Madison, Wis., July 2 - Barclays Bank plc plans to price contingent income autocallable securities due Aug. 2, 2013 linked to Schlumberger Ltd. shares, according to an FWP filing with the Securities and Exchange Commission.

If Schlumberger stock closes at or above the 65% downside threshold level on a quarterly determination date, the contingent payment will be 2.66% to 3.66% of par. The exact payment will be set at pricing.

If the stock closes at or above the initial share price on any of the first three quarterly determination dates, the notes will be redeemed at par plus the contingent payment.

If the notes are not called and the stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent payment.

Otherwise, the payout will be a number of Schlumberger shares equal to $10.00 divided by the initial share price or, at the issuer's option, the cash equivalent.

Barclays Capital Inc. is the underwriter, and Morgan Stanley Smith Barney LLC is the dealer.

The notes (Cusip: 06738G316) will price on July 30 and settle on Aug. 2.

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