Barclays to price contingent income autocallables linked to Transocean

By Marisa Wong

Madison, Wis., March 18 - Barclays Bank plc plans to price contingent income autocallable securities due April 4, 2016 linked to the common stock of Transocean Ltd., according to an FWP filing with the Securities and Exchange Commission.

If Transocean stock closes above the downside threshold level - 70% of the initial share price - on a quarterly determination date, investors will receive a contingent payment of $0.258 to $0.308 for each $10 note. Otherwise, no contingent payment will be made for that period. The exact contingent payment will be set at pricing.

If the stock closes at or above the initial share price on any of the first 11 quarterly determination dates, the notes will be redeemed at par plus the contingent payment.

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 payment. If the final share price is less than the downside threshold level, the payout will be a number of Transocean shares equal to the principal amount of notes divided by the initial share price or, at Barclays' option, the cash value of those shares.

The notes (Cusip: 06742C582) will price March 28 and settle April 3.

Barclays is the agent with Morgan Stanley Smith Barney LLC as dealer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.