Barclays eyes contingent income autocallables tied to HP common stock

By Devika Patel

Knoxville, Tenn., May 15 – Barclays Bank plc plans to price contingent income autocallable securities due May 22, 2020 linked to HP Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly payment at an annualized rate of at least 9.75% if the shares close at or above the 75% threshold level on the observation date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par of $10 plus the contingent coupon if the stock closes at or above the initial price on any quarterly determination date other than the final date beginning on Aug. 21, 2017.

The payout at maturity will be par plus the final coupon unless the shares finish below the 75% threshold level, in which case investors will lose 1% for every 1% decline of the stock from its initial level.

Barclays is the agent and Morgan Stanley Wealth Management is a dealer.

The notes (Cusip: 06746K705) will price on May 19 and settle on May 24.

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