By Marisa Wong
Los Angeles, April 24 – Barclays Bank plc upsized its 0% iPath Series B S&P GSCI Crude Oil exchange-traded notes due Nov. 20, 2036 linked to the S&P GSCI Crude Oil Total Return index to $1.25 billion, according to a 424B2 filing with the Securities and Exchange Commission.
Barclays priced the initial $500 million of ETNs, or 10 million notes with a face amount of $50 each, on Nov. 17, 2016.
On Aug. 28, 2019, Barclays announced a 5-for-1 split of the ETNs, effective Sept. 12, 2019. Following the split, 50 million ETNs with a principal amount of $10 each, were outstanding.
An additional 25 million ETNs, with a par amount of $10 each, were issued on April 9 and a further 50 million ETNs, principal amount of $10 each, were issued on April 16.
The issuer sold a portion of the ETNs at inception at par. The remainder of the ETNs will be sold from time to time at variable prices.
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 the commodities futures contracts comprising the index plus the Treasury bill rate of interest that could be earned on funds committed to the trading of the underlying futures contracts.
The payout at maturity will be an amount in cash equal to the closing indicative value on the final valuation date.
The closing indicative value will be $50 on the initial valuation date. On each subsequent calendar day, it will equal the closing indicative value on the immediately preceding calendar day times the daily index factor on that calendar day (or, if that day is not an index business day, one) minus the investor fee on that calendar day.
The daily index factor is the closing level of the index on that business day divided by the closing level of the index on the immediately preceding business day.
The investor fee on the initial valuation date will equal zero. On each subsequent calendar day, it will be equal to (a) 0.45% times (b) the closing indicative value on the immediately preceding calendar day times (c) the daily index factor on that day (or, if such day is not an index business day, one) divided by (d) 365.
The notes will be putable at any time, subject to a minimum of 50,000 securities, and they will be callable at any time. The payout in either case would be equal to the closing indicative value on the applicable valuation date.
The issuer expects to list the notes on the NYSE Arca under the symbol “OILB.”
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | iPath Series B S&P GSCI Crude Oil exchange-traded notes
|
Amount: | $1.25 billion (increased from $750 million)
|
Maturity: | Nov. 20, 2036
|
Coupon: | 0%
|
Face amount: | $50 for initial notes; $10 following 5-for-1 split of the ETNs, effective Sept. 12, 2019
|
Payout at maturity: | Closing indicative value on the final valuation date
|
Closing indicative value: | $50 on the initial valuation date; on each subsequent calendar day, closing indicative value on the immediately preceding calendar day times the daily index factor on that calendar day (or, if that day is not an index business day, one) minus the investor fee on that calendar day
|
Daily index factor: | Closing level of the index on a business day divided by the closing level of the index on the immediately preceding business day
|
Investor fee: | Zero on initial valuation date; on each subsequent calendar day, (a) 0.45% times (b) the closing indicative value on the immediately preceding calendar day times (c) the daily index factor on that day (or, if such day is not an index business day, one) divided by (d) 365
|
Put option: | At any time, subject to a minimum of 50,000 securities; redemption amount is closing indicative value on the applicable valuation date
|
Call option: | At any time; payout would be equal to the closing indicative value on the applicable valuation date
|
Inception date: | Nov. 17, 2016
|
Settlement dates: | Nov. 22, 2016 for initial $500 million, April 9 for $250 million, April 16 for $500 million
|
Agent: | Barclays
|
Fees: | None
|
Cusip: | 06745R693
|
Listing: | NYSE Arca: OILB
|
|
© 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.