Barclays plans contingent income autocallables linked to U.S. Steel

By Toni Weeks

San Luis Obispo, Calif., Nov. 8 - Barclays Bank plc plans to price contingent income autocallable securities due Nov. 21, 2014 linked to shares of United States Steel Corp., according to an FWP filing with the Securities and Exchange Commission.

If U.S. Steel stock closes at or above the 65% barrier level on a quarterly determination date, the notes will pay a contingent payment of at least 2.875% for that quarter. The exact contingent quarterly coupon will be set at pricing.

If the stock closes at or above the initial share price on any of the three quarterly determination dates, the notes will be redeemed at par of $10 plus the contingent payment.

If the notes are not called, the payout at maturity will be par plus the contingent payment unless the stock finishes below the 65% downside threshold level, in which case the payout will be a number of U.S. Steel shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.

Barclays is the agent with distribution through Morgan Stanley Smith Barney LLC.

The notes will price Nov. 15 and settle Nov. 20.

The Cusip number is 06742E620.

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