Barclays plans contingent income autocallables on Valero Energy

By Wendy Van Sickle

Columbus, Ohio, Jan. 5 – Barclays Bank plc plans to price contingent income autocallable securities due Jan. 16, 2020 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 at an annual rate of at least 12.5% if the stock closes at or above its downside threshold level, 70% of its initial level, on the review date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par if the stock closes at or above its initial level on any determination date other than the final date.

The payout at maturity will be par the final coupon unless Valero Energy shares finish below the downside threshold level, in which case investors will lose 1% for each 1% decline.

Barclays is the agent with Morgan Stanley Wealth Management as dealer.

The notes (Cusip: 06744M430) will price on Jan. 13 and settle on Jan. 19.

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