By Angela McDaniels
Tacoma, Wash., Aug. 31 - Barclays Bank plc priced $250 million of 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 company planned to sell a portion of the $250 million of notes on the pricing date at par of $100 and the remainder from time to time at varying prices.
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 is initially $100. On each subsequent day, it will equal 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 will be zero on the pricing date. On each subsequent day, it will be 0.95% multiplied by the closing indicative value on the preceding day multiplied by the daily index factor divided by 365.
The issuer plans to apply to list the notes on the NYSE Arca under the symbol "VQT."
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | ETN+ S&P Veqtor exchange-traded notes
|
| Underlying index: | S&P 500 Dynamic Veqtor Total Return index
|
| Amount: | $250 million
|
| Maturity: | Sept. 8, 2020
|
| Coupon: | 0%
|
| Price: | Par of $100
|
| 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 approximately 0.95% per year
|
| Put option: | At any time, subject to minimum of 25,000 notes
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 3
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740C337
|
© 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.
