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Barclays iPath ETNs attract more than $3 billion in market capitalization
By Angela McDaniels
Seattle, Sept. 20 - Barclays plc announced that investments in iPath exchange-traded notes has surpassed $3 billion. The first two iPath ETNs were launched in early June 2006 and eight have been issued since then.
"This is a new benchmark for the ETN market and it underscores the significant interest in Barclays iPath ETNs," Philippe El-Asmar, managing director and head of investor solutions, Americas at Barclays Capital, said in a company news release.
iPath ETNs typically have a 30-year maturity and are senior debt securities linked to the performance of a market benchmark or strategy. El-Asmar said they offer investors an "innovative, transparent and cost-effective" means of investing in previously expensive or difficult-to-reach markets.
iPath ETNs are issued by Barclays Bank plc via agent Barclays Capital Inc., with Barclays Global Investors Services as the promoter of iPath ETNs to intermediaries.
The first two iPath ETNs are linked to commodity indexes, the Dow Jones-AIG Commodity Index Total Return and the S&P GSCI Total Return index. The third iPath ETN is linked to the S&P GSCI Crude Oil Total Return index.
The fourth iPath ETN is linked to the MSCI India index, which is designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities.
In May, the first iPath ETNs designed specifically to offer exposure to a single-currency exchange rate relative to the dollar were launched, as well as the first iPath ETN to offer investors exposure to the CBOE S&P 500 BuyWrite index.
Barclays Capital is the investment banking division of Barclays Bank, which in turn is a division of London-based financial services provider Barclays plc.
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