Barclays plans contingent income autocallables tied to EM, Brazil ETFs

By Angela McDaniels

Tacoma, Wash., Jan. 17 – Barclays Bank plc plans to price contingent income autocallable securities due Jan. 27, 2020 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund and the iShares MSCI Brazil exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each fund closes at or above its downside threshold level, 70% of its initial share price, on the determination date for that quarter. The contingent coupon rate is expected to be at least 11% per year and will be set at pricing.

Beginning July 22, 2019, the notes will be automatically called at par if each ETF closes at or above its initial share price on any quarterly determination date.

The payout at maturity will be par of $10 unless the final share price of either ETF is less than its downside threshold level, in which case investors will be fully exposed to the decline of the lesser-performing ETF.

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

The notes will price Jan. 22.

The Cusip number is 06746Y705.

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