By Jennifer Chiou
New York, Oct. 23 - Barclays Bank plc priced $250 million of 0% iPath exchange-traded notes due Oct. 22, 2037 linked to the Dow Jones - AIG Copper Total Return Sub-Index, according to a 424B3 filing with the Securities and Exchange Commission.
The contract used to calculate the index is the copper high grade futures contract traded on the New York Commodities Exchange.
The payout at maturity will be par multiplied by the index factor, which is the closing value of the index divided by the initial level on the final valuation date, minus the investor fee. The investor fee is calculated on a daily basis and is equal to 0.75% of par per year, multiplied by the index factor divided by 365.
Noteholders may redeem their notes on any redemption day - the third business day following a valuation date - during the life of the notes for a cash payment equal to par multiplied by the index factor on the valuation date, minus the investor fee. There is a minimum redemption requirement of 50,000 notes.
The valuation dates will be each business day during the life of the notes.
The company will apply to list the notes on the NYSE Arca stock exchange under the symbol "JJC."
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath exchange-traded notes
|
| Underlying index: | Dow Jones - AIG Copper Total Return Sub-Index
|
| Amount: | $250 million
|
| Maturity: | Oct. 22, 2037
|
| Coupon: | 0%
|
| Price: | Par of $50
|
| Payout at maturity: | Par of $50 multiplied by the index factor, which is the closing value of the index divided by the initial level on the final valuation date, minus the investor fee. The investor fee is calculated on a daily basis and is equal to 0.75% of par per year, multiplied by the index factor divided by 365
|
| Put: | On any redemption day - the third business day following a valuation date - during the life of the notes for a cash payment equal to par multiplied by the index factor on the valuation date, minus the investor fee; minimum redemption requirement of 50,000 notes
|
| Pricing date: | Oct. 23
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 0%
|
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