Barclays plans $250 million iPath notes linked to euro/dollar exchange rate

By E. Janene Geiss

Philadelphia, May 1 - Barclays Bank plc said it expects to price $250 million of its 0% iPath exchange-traded notes due May 14, 2037 linked to the euro/dollar exchange rate, according to an FWP filing with the Securities and Exchange Commission.

Pricing is scheduled for May 8 and settlement for May 11.

The notes will pay the performance of the euro/dollar exchange rate since the inception of the notes, less a fee.

Holders may redeem their notes at any time during the life of the notes for a cash payment equal to the principal amount of the notes multiplied by the performance.

The investor fee will be calculated daily and will be equal to the previous business day's adjustment factor multiplied by the sum of one plus the European Overnight Index Average minus 25 basis points and less investor fees of 40 basis points. This will then be multiplied by the daycount fraction, equal to the days outstanding divided by 365.

The payout at maturity will be calculated in the same manner.

Barclays will apply to list the securities on the New York Stock Exchange under the ticker "ERO."

Barclays Capital will be the agent.

© 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.