By Angela McDaniels
Tacoma, Wash., March 28 - Barclays Bank plc sold an additional $28,967,600 principal amount of 0% ETN+ S&P Veqtor exchange-traded notes due Sept. 8, 2020 linked to the S&P 500 Dynamic Veqtor Total Return index, according to 424B3 filings with the Securities and Exchange Commission.
Barclays sold $1,625,800 of the notes to UBS Financial Services Inc. for resale to the public at a price equal to 100.65% of the closing indicative value of the notes on the date of sale. Some of these notes may be sold to UBS clients with brokerage accounts. The remaining $27,341,800 of the notes were sold to UBS clients with advisory accounts at a price equal to 100% of the closing indicative value of the notes on the date of sale.
On Aug. 31, 2010, Barclays sold $10 million principal amount of the notes through Barclays Capital Inc. and said it planned to issue up to $250 million of the notes in total. On Feb. 3, the total maximum issue size was increased to $500 million.
According to the most recent filings, the issuer had sold a further $390,839,100 principal amount of the notes through Barclays Capital as of March 27. When combined with the notes sold to UBS and UBS clients, the total amount of notes sold is $429,806,700.
The notes are putable at any time, subject to a minimum of 25,000 notes.
The payout upon redemption or at maturity will be the closing indicative value of the notes.
The closing indicative value was $100 on the inception date. On each subsequent day, it equals the closing indicative value on the preceding day multiplied by the daily index factor - the closing index level on that day divided by the closing level on the preceding day - and minus the investor fee.
The investor fee was zero on the inception date. On each subsequent day, it is 0.95% multiplied by the closing indicative value on the preceding day multiplied by the daily index factor divided by 365.
The notes are listed on the NYSE Arca under the symbol "VQT."
| Issuer: | Barclays Bank plc
|
| Issue: | ETN+ S&P Veqtor exchange-traded notes
|
| Underlying index: | S&P 500 Dynamic Veqtor Total Return index
|
| Amount: | $429,806,700, increased from $10 million
|
| Maturity: | Sept. 8, 2020
|
| Coupon: | 0%
|
| Price: | Par of $100 for initial $10 million; varying prices for remainder
|
| Payout at maturity: | An amount equal to the then-current closing indicative value, which on each day equals the closing indicative value on the previous day multiplied by the daily index factor minus an investor fee of about 0.95% per year
|
| Put option: | At any time, subject to minimum of 25,000 notes
|
| Inception date: | Aug. 31, 2010
|
| Settlement date: | Sept. 3, 2010 for initial $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740C337
|
| Listing: | NYSE Arca: VQT
|
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