Barclays plans autocallable contingent coupon notes linked to GM

By Marisa Wong

Madison, Wis., May 16 - Barclays Bank plc plans to price autocallable contingent interest notes due May 26, 2017 linked to the common stock of General Motors Co., according to an FWP filing with the Securities and Exchange Commission.

If General Motors shares close at or above the barrier price, 75% of the initial share price, on a quarterly review date, the notes will pay a coupon at an annual rate of 8.5% for that quarter.

The notes will be called at par plus the contingent coupon if General Motors shares close at or above the initial share price on any quarterly review date other than the final review date.

If the notes have not been called and the stock finishes at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will receive a number of General Motors shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

Barclays is the agent.

The notes are expected to price May 23 and settle May 29.

The Cusip number is 06741JS42.

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