By Jennifer Chiou
New York, April 20 - Barclays Bank plc registered to sell from time to time up to $100 million of its new 0% iPath Pure Beta Softs exchange-traded notes due April 18, 2041, according to a 424B3 filing with the Securities and Exchange Commission.
The return on the ETNs is linked to the performance of the underlying index, the Barclays Capital Commodity Index Softs Pure Beta Total Return, which is designed to give investors exposure to total returns of the commodities included in the Barclays Capital Commodity Index Total Return. Each index is comprised of a basket of exchange-traded futures contracts for the same commodities that are included in the corresponding reference index.
The payout at maturity will be the closing indicative value on the final valuation date for the ETNs. The closing indicative value will be par of $50 on the inception date. On each subsequent date, it will equal the closing indicative value on the preceding calendar day times the daily index factor minus fees.
On any day, the daily index factor is the closing level of the index on that day divided by the closing level on the preceding business day.
The investor fee is initially zero and increases by an annualized rate of 0.75%. There is also a futures execution cost that will initially be zero and increase at 0.1% per year.
The notes will be callable in whole at any time and also 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 issuer will apply to list the notes on NYSE Arca under "GRWN."
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath Pure Beta Softs exchange-traded notes
|
| Amount: | $100 million (maximum)
|
| Maturity: | April 18, 2041
|
| Coupon: | 0%
|
| Price: | Par of $50
|
| Payout at maturity: | Closing indicative value on final valuation date minus investor fee of roughly 1.75% per year and futures execution cost of 0.1% per year
|
| Call: | Redeemable in whole at any time; subject to a minimum of 50,000 securities, putable at any time
|
| Inception date: | April 20
|
| Settlement date: | April 26
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740P288
|
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