Barclays Bank PLC to Automatically Redeem the iPath® Inverse January 2021 S&P 500 VIX Short-Term FuturesTM ETN (ticker: IVO)
13 Settembre 2011 - 12:13AM
Business Wire
Barclays Bank PLC announced today the automatic redemption of
its iPath® Inverse January 2021 S&P 500 VIX Short-Term
FuturesTM Exchange Traded Note (ticker: IVO). The ETN is being
redeemed as the result of an automatic termination event occurring
on September 12, 2011, the automatic termination date. As described
in the prospectus, an automatic termination event occurs when the
intraday indicative note value of the Notes on any trading day is
equal to or less than the automatic termination level of $10.00.
Details of the automatic termination event are below.
Automatic Termination Date: September 12, 2011 Time
of Automatic Termination Event: 2:11pm EST Automatic Termination
Level: $10.00
Holders of the Notes on the automatic redemption date, which is
the fifth business day following the automatic termination date,
will receive a cash payment equal to the automatic redemption
value.
Automatic Redemption Date: September 19, 2011
Automatic Redemption Value: $11.8024
For more information regarding the automatic termination event,
including how the automatic redemption value is determined, see the
prospectus relating to the Notes under the heading “Specific Terms
of the ETNs—Automatic Termination Event.” The prospectus relating
to the Notes can be found on EDGAR, the SEC website, at:
www.sec.gov. The prospectus is also available on the product
website at www.iPathETN.com.
About BarclaysBarclays is a major global financial
services provider engaged in retail banking, credit cards,
corporate and investment banking and wealth management with an
extensive international presence in Europe, the Americas, Africa
and Asia. With over 300 years of history and expertise in banking,
Barclays operates in over 50 countries and employs over 145,000
people. Barclays moves, lends, invests and protects money for
customers and clients worldwide. For further information about
Barclays, please visit our website www.barclays.com.
iPath ETNsFor further information about the iPath ETNs go
to: www.ipathetn.com.
An investment in iPath ETNs involves risks, including
possible loss of principal. For a description of the main risks see
“Risk Factors” in the applicable prospectus.
Barclays Bank PLC has filed a registration statement
(including a prospectus) with the SEC for the offering to which
this communication relates. Before you invest, you should read the
prospectus and other documents Barclays Bank PLC has filed with the
SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting
www.iPathETN.com or EDGAR on the SEC website at
www.sec.gov. Alternatively, Barclays Bank PLC will
arrange for Barclays Capital Inc. to send you the prospectus if you
request it by calling toll-free 1-877-764-7284, or you may request
a copy from any other dealer participating in the offering.
BlackRock Fund Distribution Company assists in the promotion of
the iPath ETNs.
iPath ETNs (the “Securities”) are unsecured obligations of
Barclays Bank PLC and are not secured debt. The Securities are
riskier than ordinary unsecured debt securities and have no
principal protection. Risks of investing in the Securities
include limited portfolio diversification, trade price
fluctuations, uncertain principal repayment, and illiquidity.
Investing in the Securities is not equivalent to investing directly
in an index or in any particular index components. The investor fee
will reduce the amount of your return at maturity or on redemption,
and as a result you may receive less than the principal amount of
your investment at maturity or upon redemption of your Securities
even if the level of the relevant index has increased or decreased
(as may be applicable to the particular series of Securities). An
investment in iPath ETNs may not be suitable for all investors.
The Securities may be sold throughout the day on the exchange
through any brokerage account. There are restrictions on the
minimum number of Securities you may redeem directly with the
issuer as specified in the applicable prospectus. Commissions may
apply and there are tax consequences in the event of sale,
redemption or maturity of Securities. Sales in the secondary
market may result in significant losses.
For an investment in Securities linked to the inverse
performance of the S&P 500 VIX Short-Term Futures™ Index ER, an
increase in the level of the index will have a negative effect on
the repayment amount upon maturity or redemption, whereas a
decrease in the level of the index will have a positive effect on
the repayment amount. You may receive less than your original
investment in the Securities at maturity or upon redemption. If the
level of the index increases sufficiently to trigger an automatic
termination event, the Securities will be automatically deemed at
the automatic redemption value, which is calculated after the close
of business on the automatic termination date; therefore, the
payment you receive on the automatic redemption date may be less
than the intraday indicative note value at the time of the
automatic termination event. Following the calculation of the
automatic redemption value, you will not benefit from any
subsequent decrease in the index. The payment you receive following
an automatic termination event will most likely be significantly
less than the principal amount of the Securities and may equal $0.
If current levels of market volatility persist, it is highly likely
that an automatic termination event will occur. The “participation”
value for the Securities, as described in the applicable pricing
supplement, is published solely for informational purposes. It is
not intended to serve as a basis for determining a price or
quotation for the Securities, or as a basis for an offer or
solicitation for the purchase, sale, redemption or termination of
the Securities.
An investment in iPath ETNs linked to the inverse performance of
the S&P 500 VIX Short-Term Futures™ Index ER is subject to
risks associated with fluctuations, particularly an increase, in
the value of the index. The market value of the Securities may be
influenced by many unpredictable factors. The index is designed to
reflect the returns that are potentially available through an
unleveraged investment in short-term VIX futures, which reflect the
implied volatility of the S&P 500® Index and the Securities are
not linked to the options used to calculate the index, to the
actual volatility of the S&P 500® Index or the equity
securities included in the S&P 500® Index, nor will the return
on the Securities be a participation in the actual volatility of
the S&P 500® Index. Changing prices of the futures contracts
included in the index may result in a reduced amount payable at
maturity or upon redemption. Additionally, the Securities will be
automatically redeemed if, on any valuation date prior to or on the
final valuation date, the intraday indicative note value of the
Securities is less than or equal to 50.00% of the principal amount
per Security. An automatic redemption may occur as a result of a
precipitous increase in volatility in the U.S. equity markets and
is highly likely to occur if the historical frequency of
precipitous increases in volatility in the U.S. equity markets
persist.
“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard
& Poor’s 500TM”, “S&P 500 VIX Short-Term Futures™” and
“S&P 500 VIX Mid-Term Futures™” are trademarks of Standard
& Poor’s Financial Services LLC (“S&P”) and have been
licensed for use by Barclays Bank PLC. “VIX” is a registered
trademark of the Chicago Board Options Exchange, Incorporated
(“CBOE”) and has been licensed for use by S&P. The Securities
are not sponsored, endorsed, sold or promoted by S&P or the
CBOE. S&P and CBOE make no representation, condition or
warranty, express or implied, to the owners of the Securities or
any member of the public regarding the advisability of investing in
securities generally or in the Securities or in the ability of
either index to track market performance.
© 2011 Barclays Bank PLC. All rights reserved. iPath, iPath ETNs
and the iPath logo are registered trademarks of Barclays Bank PLC.
All other trademarks, servicemarks or registered trademarks are the
property, and used with the permission, of their respective
owners.
iP-0459-0811
NOT FDIC INSURED • NO BANK GUARANTEE • MAY
LOSE VALUE
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