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Barclays to price five-year notes linked to Voyager III DJ-UBSCI index
By Angela McDaniels
Tacoma, Wash., Oct. 12 - Barclays Bank plc plans to price 0% notes due Oct. 31, 2016 linked to the Barclays Capital Voyager III DJ-UBSCI Total Return index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus the index return minus an investor fee, which is 1.45% per year times par times the quotient of the final index level divided by the initial index level.
The notes are putable at any time, subject to a minimum of 100 notes, and they are callable at any time. The payout will be determined in the same way as at maturity.
If the index level falls below 40% of the initial index level at any time on any day during the life of the notes, the company has the option to redeem the notes. The index return will be calculated using the intraday level of the index on the trigger date as determined by the calculation agent.
The index is designed to provide investors with exposure to commodities markets while seeking to limit the potential downside of investing in commodities. The commodities underlying the index are selected to correspond to the commodities included in the Dow Jones - UBS Commodity index. The Voyager index consists of positions in either one or two of the following indexes for the relevant commodity: Barclays Capital Single Commodity Nearby Excess Return indexes and Barclays Capital Pure Beta indexes.
The index incorporates an estimated execution cost of 0.3% per year, deducted daily.
The notes (Cusip: 06738KXM8) are expected to price Oct. 26 and settle Oct. 31.
Barclays Capital Inc. is the agent.
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