By Jennifer Chiou
New York, May 8 - Barclays Bank plc priced $250 million of 0% iPath exchange-traded notes due May 14, 2037 linked to the euro/dollar exchange rate, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay the performance of the euro/dollar exchange rate since the inception of the notes, less a fee.
Holders may redeem their notes at anytime during the life of the notes for a cash payment equal to the principal amount of the notes multiplied by the performance.
The investor fee will be calculated daily and will be equal to the previous business day's adjustment factor multiplied by the sum of one plus the European Overnight Index Average minus 25 basis points and less investor fees of 40 basis points. This will then be multiplied by the day-count fraction, equal to the days outstanding divided by 365.
The payout at maturity will be calculated in the same manner.
Barclays will apply to list the securities on the New York Stock Exchange under the ticker "ERO."
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath exchange-traded notes
|
| Underlying asset: | euro/dollar exchange rate
|
| Amount: | $250 million
|
| Maturity: | May 14, 2037
|
| Coupon: | 0%
|
| Price: | Par of $50.00
|
| Put: | At anytime during the life of the notes for a cash payment equal to the principal amount of the notes multiplied by the performance
|
| Payout at maturity: | Par of $50.00 multiplied by the index factor, which is the closing value of the index on the final valuation date divided by the initial level, minus the investor fee; the investor fee is calculated daily and will be equal to the previous business day's adjustment factor multiplied by the sum of one plus the European Overnight Index Average minus 25 basis points and less investor fees of 40 basis points, multiplied by the day-count fraction, equal to the days outstanding divided by 365
|
| Pricing date: | May 8
|
| Settlement date: | May 11
|
| Listing: | NYSE: ERO
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 0%
|
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