Barclays to price contingent income autocallables tied to CVS Health

By Sarah Lizee

Olympia, Wash., Nov. 27 – Barclays Bank plc plans to price contingent income autocallable securities due Dec. 3, 2021 linked to CVS Health Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of at least 9.1% 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.

Beginning Feb. 28, 2019, the notes will be called at par if the stock closes at or above its initial level on any quarterly determination date other than the final date.

The payout at maturity will be par plus the final coupon unless the shares finish below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the stock from its initial level.

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

The notes (Cusip: 06746V420) will price Nov. 30 and settle on Dec. 5.

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