By Marisa Wong
Los Angeles, March 5 – Barclays Bank plc priced $100 million of additional 0% iPath Series B Bloomberg Livestock Subindex Total Return exchange-traded notes due Jan. 23, 2048 linked to the Bloomberg Livestock Subindex Total Return, according to a 424B2 filing with the Securities and Exchange Commission.
Barclays issued the original $50 million, or 1 million ETNs with a face amount of $50 each, on Jan. 19, 2018. The 2 million add-on notes were issued on March 4.
At inception, the issuer sold a portion of the ETNs at par. The remainder of the ETNs will be sold from time to time at variable prices.
The index is a sub-index of the Bloomberg Commodity Index Total Return and reflects the excess returns that are potentially available through an unleveraged investment in the relevant commodities futures contracts comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury bills.
The payout at maturity will be an amount in cash equal to the closing indicative value on the final valuation date.
The closing indicative value will be $50 on the initial valuation date. On each subsequent calendar day, it will equal (a) the daily index factor on that calendar day (or, if that day is not an index business day, one) times (b) the closing indicative value on the immediately preceding calendar day minus (c) the investor fee on that calendar day.
The daily index factor is the closing level of the index on that business day divided by the closing level of the index on the immediately preceding business day.
The investor fee on the initial valuation date will equal zero. On each subsequent calendar day, it will be equal to (a) 0.45% times (b) the closing indicative value on the immediately preceding calendar day times (c) the daily index factor on that day (or, if such day is not an index business day, one) divided by (d) 365.
The notes will be putable at any time, subject to a minimum of 50,000 securities, and they will be callable in whole at any time. The payout in either case would be equal to the closing indicative value on the applicable valuation date.
The notes are listed on the NYSE Arca under the symbol “COW.”
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | iPath Series B Bloomberg Livestock Subindex Total Return ETNs
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| Underlying index: | Bloomberg Livestock Subindex Total Return
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| Amount: | $150 million, increased from $50 million
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| Maturity: | Jan. 23, 2048
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| Coupon: | 0%
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| Face amount: | $50
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| Payout at maturity: | Closing indicative value on the final valuation date
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| Closing indicative value: | $50 on the initial valuation date; on each subsequent calendar day, (a) the daily index factor on that calendar day (or, if that day is not an index business day, one) times (b) the closing indicative value on the immediately preceding calendar day minus (c) the investor fee on that calendar day
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| Daily index factor: | Closing level of the index on a business day divided by the closing level of the index on the immediately preceding business day
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| Investor fee: | Zero on initial valuation date; on each subsequent calendar day, (a) 0.45% times (b) the closing indicative value on the immediately preceding calendar day times (c) the daily index factor on that day (or, if such day is not an index business day, one) divided by (d) 365
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| Put option: | At any time, subject to a minimum of 50,000 securities; redemption amount is closing indicative value on the applicable valuation date
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| Call option: | In whole at any time; payout would be equal to the closing indicative value on the applicable valuation date
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| Inception date: | Jan. 17, 2018
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| Settlement date: | Jan. 19, 2018 for $50 million, March 4 for $100 million
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06746P498
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| Listing: | NYSE Arca: COW (previously “COWB”)
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