By Angela McDaniels
Tacoma, Wash., Feb. 18 - Barclays Bank plc expects to issue an additional $2.5 billion of 0% iPath S&P GSCI Crude Oil Total Return index exchange-traded notes due Aug. 14, 2036 on Monday, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will bring the issue size to $5 billion. The company previously issued $500 million of notes at par of $50 in August 2006, $1 billion on Dec. 29 and another $1 billion on Jan. 23.
The index is a sub-index of the S&P GSCI Commodity index and reflects the excess returns that are potentially available through an unleveraged investment in a West Texas Intermediate crude oil futures contract, plus the Treasury bill rate of interest that could be earned on funds committed to the trading of the underlying contract.
The payout at maturity will be par plus the index return minus the investor fee. The investor fee is initially zero and increases each day by an amount equal to 0.75% of par plus the index return on that day divided by 365.
The notes are 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 notes are listed on the NYSE Arca under the symbol "OIL."
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | iPath exchange-traded notes
|
| Underlying index: | S&P GSCI Crude Oil Total Return
|
| Amount: | $5 billion, upsized from $500 million
|
| Maturity: | Aug. 14, 2036
|
| Coupon: | 0%
|
| Price: | Par of $50 for original issue; at market or negotiated prices for remainder
|
| Payout at maturity: | Par plus the index return and minus the investor fee, which is calculated on a daily basis and is equal to 0.75% of par per year, multiplied by the index factor divided by 365
|
| Put option: | At any time, with payout determined in same way as payout at maturity; minimum redemption requirement of 50,000 notes
|
| Pricing date: | Aug. 15, 2006 for $500 million; Dec. 29 for $1 billion; Jan. 20 for another $1 billion; Feb. 18 for $2.5 billion
|
| Settlement date: | Aug. 18, 2006 for $500 million; Dec. 29 for $1 billion; Jan. 23 for another $1 billion; Feb. 23 for $2.5 billion
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Listing: | NYSE Arca: OIL
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
