By Marisa Wong
Morgantown, W.Va., March 9 – Barclays Bank plc priced $50 million of 0% iPath series B Bloomberg Natural Gas Subindex Total Return exchange-traded notes due March 5, 2037 linked to the Bloomberg Natural Gas Subindex Total Return, according to a 424B2 filing with the Securities and Exchange Commission.
Barclays said it sold a portion of the ETNs on Wednesday at par. The remainder of the ETNs will be offered from time to time at variable prices.
The payout at maturity will be the closing indicative value on the final valuation date.
The closing indicative value for each ETN at inception is $50. On each calendar day after that, the closing indicative value will equal (a) the closing indicative value on the immediately preceding calendar day times (b) the daily index factor on that calendar day minus (c) the investor fee on that calendar day.
The daily index factor on any business day will equal (a) the closing level of the index on that business day divided by (b) the closing level of the index on the immediately preceding business day.
The investor fee is initially zero. On each subsequent calendar day, the investor fee for each ETN will equal (a) 0.45% times (b) the closing indicative value on the immediately preceding calendar day times (c) the daily index factor on that day divided by (d) 365.
The notes are callable in whole but not in part at any time. The notes are also putable at any time, subject to a minimum of 50,000 securities. The redemption amount will be calculated in the same way as the payout at maturity.
The issuer has applied to list the ETNs on the NYSE Arca under the symbol “GAZB.”
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath series B Bloomberg Natural Gas Subindex Total Return ETNs
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| Underlying index: | Bloomberg Natural Gas Subindex Total Return
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| Amount: | $50 million
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| Maturity: | March 5, 2037
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| Coupon: | 0%
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| Price: | Par of $50 for initial tranche
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| Payout at maturity: | Closing indicative value on the final valuation date
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| Closing indicative value: | $50 per ETN at inception; on each calendar day after that, (a) closing indicative value on the immediately preceding calendar day times (b) daily index factor on that calendar day minus (c) investor fee on that calendar day
|
| Daily index factor: | (a) closing level of the index on that business day divided by (b) closing level of the index on the immediately preceding business day
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| Investor fee: | Initially zero; after that (a) 0.45% times (b) closing indicative value on the immediately preceding calendar day times (c) daily index factor on that day divided by (d) 365
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| Call option: | In whole but not in part at any time
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| Put option: | At any time, subject to a minimum of 50,000 securities
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| Inception date: | March 8
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| Settlement date: | March 13 for initial tranche
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06745T368
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| Listing: | NYSE Arca: GAZB
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