By Angela McDaniels
Tacoma, Wash., July 9 – Barclays Bank plc priced $50 million of 0% Barclays Women in Leadership exchange-traded notes due July 15, 2024 linked to the Barclays Women in Leadership Total Return USD index, according to a 424B2 filing with the Securities and Exchange Commission.
The issuer sold a portion of the ETNs on the inception date at par of $50. The remainder will be offered and sold from time to time at varying prices.
The index is designed to provide investors with exposure to U.S.-based companies that satisfy one or both of the gender diversity criteria of having a female chief executive officer or having at least 25% female members on the board of directors and that satisfy certain market capitalization, liquidity and other selection criteria and concentration limits. Barclays began calculating the index on July 7.
“Women are significantly underrepresented in corporate executive leadership, yet a growing body of third-party research suggests that gender-diverse leadership may correlate with relatively stronger corporate performance, as compared to companies with less gender-diverse leadership,” Barbara Byrne, vice chairman in investment banking, said in a Barclays news release.
The notes are putable at any time subject to a minimum of 25,000 ETNs, and the notes may be redeemed, in whole but not in part, by the issuer at any time.
The payout at maturity or upon redemption will be the final closing indicative value.
The closing indicative value for each note on the inception date was $50. On each subsequent day, it equals (a) the closing indicative value on the preceding day times (b) the daily index factor (c) minus the daily investor fee.
The daily index factor is the closing index level on that business day divided by the closing index level on the preceding business day.
The investor fee on the inception date was zero. On each subsequent calendar day, it equals (a) 0.45% times (b) the closing indicative value on the preceding calendar day times (c) the daily index factor on that day (or, if the day is not a business day, one) divided by (d) 365.
The notes will begin trading on the NYSE Arca Exchange under the symbol “WIL” on July 10.
Barclay is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Barclays Women in Leadership ETNs
|
| Underlying index: | Barclays Women in Leadership Total Return USD index
|
| Amount: | $50 million
|
| Maturity: | July 15, 2024
|
| Coupon: | 0%
|
| Par amount: | $50
|
| Payout at maturity: | Amount equal to final closing indicative value
|
| Closing indicative value: | Closing indicative value on preceding day times daily index factor minus daily investor fee
|
| Call option: | At any time in whole but not in part
|
| Put option: | At any time subject to minimum of 25,000 ETNs
|
| Inception date: | July 9
|
| Settlement date: | July 14
|
| Agent: | Barclays
|
| Listing: | NYSE Arca: WIL
|
| Cusip: | 06742W430
|
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