By Marisa Wong
Los Angeles, March 1 – Barclays Bank plc amended the investor fee used to calculate the closing indicative value of its 0% iPath Pure Beta Crude Oil exchange-traded notes due April 18, 2041 linked to the Barclays Capital WTI Crude Oil Pure Beta Total Return index, according to a 424B2 filing with the Securities and Exchange Commission.
The investor fee was zero at inception. On each subsequent calendar day until Jan. 29, 2021, the investor fee was in effect an annualized rate of 0.75%. On Feb. 1, 2021, that investor fee rate was decreased to 0.57% per year.
The payout at maturity or upon redemption will be the closing indicative value on the final valuation date. The closing indicative value was $50 on the inception date. On each subsequent date, it equals the closing indicative value on the preceding calendar day times the daily index factor minus fees.
On any day, the daily index factor is the closing level of the index on that day divided by the closing level on the preceding business day.
The fees include the investor fee and also a futures execution cost that is initially zero and accumulates over time and is subtracted at the rate of 0.1% per year.
The notes are putable and callable at any time. Holders exercising their put options must put back at least 50,000 notes.
Barclays issued the original $100 million of ETNs, or 2 million ETNs with a principal amount of $50 each, on April 26, 2011 and an additional $50 million, or 1 million ETNs, on March 4, 2020. A portion of the notes sold at par of $50 on the inception date, and the remainder will be sold from time to time at varying prices.
The notes are listed on NYSE Arca under the symbol “OIL.”
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath Pure Beta Crude Oil exchange-traded notes
|
| Underlying index: | Barclays Capital WTI Crude Oil Pure Beta Total Return index
|
| Amount: | $150 million
|
| Maturity: | April 18, 2041
|
| Coupon: | 0%
|
| Face amount: | $50
|
| Payout at maturity: | Amount equal to closing indicative value on final valuation date; closing indicative value is initially $50 and on each subsequent date equals closing indicative value on preceding calendar day times daily index factor minus fees
|
| Daily index factor: | On any day, the closing level of the index on that day divided by the closing level on the preceding business day
|
| Fees: | Investor fee and also a futures execution cost that is initially zero and accumulates over time and is subtracted at the rate of 0.1% per year
|
| Investor fee: | Zero at inception; on each subsequent calendar day until Jan. 29, 2021, 0.75% per year and effective Feb. 1, 2021, 0.57% per year
|
| Call option: | At any time
|
| Put option: | At any time subject to minimum of 50,000 notes
|
| Inception date: | April 20, 2011
|
| Settlement date: | April 26, 2011 for $100 million, March 4, 2020 for $50 million
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06740P221
|
| Listing: | NYSE Arca: OIL (previously NYSE Arca: OLEM)
|
© 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.
