Barclays plans three-year contingent income autocallables on CBS

By Wendy Van Sickle

Columbus, Ohio, March 14 – Barclays Bank plc plans to price contingent income autocallable securities due March 20, 2020 linked to CBS Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate of at least 9.25% if the stock closes at or above the downside threshold level, 80% of the initial share price, on a determination date for that quarter.

The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the redemption level on any determination date other than the final date.

The redemption level will be 105% of the initial level for the first four redemption dates, stepping up to 110% of the initial level for the next four redemption dates and to 115% of the initial level for the final redemption dates.

The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will be fully exposed to any losses.

Barclays is the agent. Morgan Stanley Smith Barney LLC is handling distribution.

The notes will price on March 17 and settle on March 22.

The Cusip number is 06745T277.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.