By Angela McDaniels
Tacoma, Wash., Dec. 30 - Barclays Bank plc priced an additional $1 billion of 0% iPath S&P GSCI Crude Oil Total Return index exchange-traded notes due Aug. 14, 2036, according to a 424B3 filing with the Securities and Exchange Commission.
When added to the $500 million of notes the company issued in August 2006, the latest notes bring the issue size $1.5 billion.
The index is a sub-index of the S&P GSCI Commodity index and reflects the excess returns that are potentially available through an unleveraged investment in a West Texas Intermediate crude oil futures contract, plus the Treasury bill rate of interest that could be earned on funds committed to the trading of the underlying contract.
The payout at maturity will be par of $50 plus the index return minus the investor fee. The investor fee is initially zero and increases each day by an amount equal to 0.75% of par plus the index return on that day divided by 365.
The notes are putable at any time, subject to a minimum of 50,000 securities. The payout will be calculated in the same way as the payout at maturity.
The notes are listed on the NYSE Arca under the symbol "OIL."
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath exchange-traded notes
|
| Underlying index: | S&P GSCI Crude Oil Total Return
|
| Amount: | $1.5 billion, upsized from $500 million
|
| Maturity: | Aug. 14, 2036
|
| Coupon: | 0%
|
| Price: | Par of $50
|
| Payout at maturity: | Par plus the index return and minus the investor fee, which 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 option: | At any time, with payout determined in same way as payout at maturity; minimum redemption requirement of 50,000 notes
|
| Pricing date: | Aug. 15, 2006 for original issue; Dec. 29 for add-on
|
| Settlement date: | Aug. 18, 2006 for original issue; Dec. 29 for add-on
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Listing: | NYSE Arca: OIL
|
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