By Angela McDaniels
Tacoma, Wash., April 9 - Barclays Bank plc priced $250 million of additional 0% ETN+ S&P Veqtor exchange-traded notes due Sept. 8, 2020 linked to the S&P 500 Dynamic Veqtor Total Return index, according to a 424B2 filing with the Securities and Exchange Commission.
The market price of the $250 million notes is $332.75 million. The face amount of each note is $100.
Barclays issued $250 million of notes on Sept. 3, 2010 and $250 million more on Feb. 8. Once the latest $250 million of notes settle on April 12, the total issue size will be $750 million.
The notes are putable at any time, subject to a minimum of 25,000 notes.
The payout upon redemption or at maturity will be the closing indicative value of the notes.
The closing indicative value was $100 on the inception date. On each subsequent day, it equals the closing indicative value on the preceding day multiplied by the daily index factor - the closing index level on that day divided by the closing level on the preceding day - and minus the investor fee.
The investor fee was zero on the inception date. On each subsequent day, it is 0.95% multiplied by the closing indicative value on the preceding day multiplied by the daily index factor divided by 365.
The notes are listed on the NYSE Arca under the symbol "VQT."
| Issuer: | Barclays Bank plc
|
| Issue: | ETN+ S&P Veqtor exchange-traded notes
|
| Underlying index: | S&P 500 Dynamic Veqtor Total Return index
|
| Amount: | $750 million, increased from $250 million
|
| Maturity: | Sept. 8, 2020
|
| Coupon: | 0%
|
| Price: | Par of $100 for initial $10 million; varying prices for remainder
|
| Payout at maturity: | An amount equal to the then-current closing indicative value, which on each day equals the closing indicative value on the previous day multiplied by the daily index factor minus an investor fee of about 0.95% per year
|
| Put option: | At any time, subject to minimum of 25,000 notes
|
| Inception date: | Aug. 31, 2010
|
| Settlement date: | Sept. 3, 2010 for $250 million; Feb. 8 for $250 million; April 12 for $250 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740C337
|
| Listing: | NYSE Arca: VQT
|
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