Barclays Bank PLC Announces Quarterly Coupon Payment on iPath® S&P MLP ETN
NEW YORK -- February 26, 2013
Barclays Bank PLC announced today the quarterly coupon amount for the iPath^®
S&P MLP ETN (ticker: IMLP) (the “ETNs”).
Coupon Coupon Coupon Ex Coupon Coupon Current
IMLP Valuation Record Date Payment Amount Yield^1
Date Date Date
2/15/2013 3/1/2013 2/27/2013 3/11/2013 0.3405 5.01%
The iPath® S&P MLP ETN is linked to the performance of the consolidated
Volume-Weighted Average Price level of the S&P MLP Index (the "Index"), and is
designed to pay a quarterly coupon. The Index is designed to provide exposure
to leading partnerships that trade on major US exchanges and are classified in
the GICS® Energy Sector and GICS® Gas Utilities Industry. The Index includes
both master limited partnerships and publicly traded limited liability
companies which have a similar legal structure to MLPs and share the same tax
benefits as MLPs.
For more information regarding the ETNs, including the calculation of the
coupon amount, see the prospectus relating to the ETNs. The prospectus
relating to the ETNs 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.
Barclays moves, lends, invests and protects money for customers and clients
worldwide. With over 300 years of history and expertise in banking, we operate
in over 50 countries and employ over 140,000 people. We provide large
corporate, government and institutional clients with a full spectrum of
solutions to their strategic advisory, financing and risk management needs.
Our clients also benefit from access to the breadth of expertise across
Barclays. We’re one of the largest financial services providers in the world,
and are also engaged in retail banking, credit cards, corporate banking, and
wealth and investment management.
Barclays offers premier investment banking products and services to its
clients through Barclays Bank PLC.
For more information, visit www.barclays.com
^1 Current Yield equals the current Coupon Amount annualized and divided by
the relevant closing indicative value of the ETNs, rounded for ease of
analysis. The relevant closing indicative value is the closing indicative
value of the ETNs on February 15, 2013.
Selected Risk Considerations
An investment in any iPath ETNs linked to the S&P MLP Index (the “ETNs”)
involves risks. Selected risks are summarized here, but we urge you to read
the more detailed explanation of risks described under “Risk Factors” in the
applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any
decrease in the Volume Weighted Average Price (“VWAP”) level between the
inception date and the applicable valuation date. Additionally, if the VWAP
level is insufficient to offset the negative effect of the investor fee and
other applicable costs, you will lose some or all of your investment at
maturity or upon redemption, even if the VWAP value has increased. Because the
ETNs are subject to an investor fee and any other applicable costs, the return
on the ETNs will always be lower than the total return on a direct investment
in the index components. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt obligations of the
issuer, Barclays Bank PLC, and are not, either directly or indirectly, an
obligation of or guaranteed by any third party. Any payment to be made on the
ETNs, including any payment at maturity or upon redemption, depends on the
ability of Barclays Bank PLC to satisfy its obligations as they come due. As a
result, the actual and perceived creditworthiness of Barclays Bank PLC will
affect the market value, if any, of the ETNs prior to maturity or redemption.
In addition, in the event Barclays Bank PLC were to default on its
obligations, you may not receive any amounts owed to you under the terms of
Issuer Redemption: Barclays Bank PLC will have the right to redeem or “call”
the ETNs (in whole but not in part) at its sole discretion and without your
consent on any trading day on or after the inception date until and including
The Payment on the ETNs is Linked to the VWAP Level, Not to the Closing Level
of the Index and Not to the Published Intraday Indicative Value of the ETNs:
Your payment at maturity or upon early redemption is linked to the performance
of the VWAP level, as compared to the initial VWAP level. Although the VWAP
level is intended to track the performance of the Index, the calculation of
the VWAP level is different from the calculation of the official closing level
of the Index. Therefore, the payment at maturity or early redemption of your
ETNs, may be different from the payment you would receive if such payment were
determined by reference to the official closing level of the Index.
No Guaranteed Coupon Payments: You are not guaranteed to receive coupon
payments on the ETNs. You will receive a coupon payment on a coupon payment
date only to the extent that the accrued dividend exceeds the accrued investor
fee on the relevant coupon valuation date. The amount of the accrued dividend
on any coupon valuation date depends in part on the aggregate cash value of
distributions that a reference holder would have been entitled to receive in
respect of the index constituents prior to the relevant coupon valuation date.
Market and Volatility Risk: The return on the ETNs is linked to the
performance of the VWAP level of the Index which, in turn, is linked to the
performance of the master limited partnerships and other securities that are
included as index constituents at any time. The prices of the index
constituents may change unpredictably and, as a result, affect the level of
the Index and the value of your ETNs in unforeseeable ways.
Concentration Risk: The index constituents are companies in the Energy Sector
or Gas Utilities Sector, as determined by the GICS^® classification system. In
addition, many of the index constituents are smaller, non-diversified
businesses that are exposed to the risks associated with such businesses,
including the lack of capital funding to sustain or grow businesses and
potential competition from larger, better financed and more diversified
businesses. The ETNs are susceptible to general market fluctuations in the
energy and gas MLP market and to volatile increases and decreases in value, as
market confidence in, and perceptions regarding the index constituents change.
Your investment may therefore carry risks similar to a concentrated securities
investment in one industry or sector.
A Trading Market for the ETNs May Not Develop: Although the ETNs are listed on
NYSE Arca, a trading market for the ETNs may not develop and the liquidity of
the ETNs may be limited, as we are not required to maintain any listing of the
Restrictions on the Minimum Number of ETNs and Date Restrictions for
Redemptions: You must redeem at least 50,000 ETNs at one time in order to
exercise your right to redeem your ETNs on any redemption date. You may only
redeem your ETNs on a redemption date if we receive a notice of redemption
from you by certain dates and times as set forth in the pricing supplement.
Tax Treatment: Significant aspects of the tax treatment of the ETNs may be
less favorable than a direct investment in MLPs and are uncertain. You should
consult your own tax advisor about your own tax situation.
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 callingtoll-free1-877-764-7284, or you mayrequest a copy fromany
otherdealer participating in the offering.
BlackRock Investments, LLC assists in the promotion of the iPath ETNs.
The ETNs may be sold throughout the day on the exchange through any brokerage
account. Commissions may apply and there are tax consequences in the event of
sale, redemption or maturity of ETNs.
“S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC
(“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings
LLC (“Dow Jones”); and these trademarks have been licensed for use by S&P Dow
Jones Indices LLC. The S&P^® trademark has been sublicensed for certain
purposes by Barclays Bank PLC. The S&P MLP index (the “Index”) is a product of
S&P Dow Jones Indices LLC and has been licensed for use by Barclays Bank PLC.
The ETNs are not sponsored, endorsed, sold or promoted by S&P Dow Jones
Indices LLC, Dow Jones, S&P or any of their respective affiliates
(collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make
any representation or warranty, express or implied, to the owners of the ETNs
or any member of the public regarding the advisability of investing in
securities generally or in the ETNs particularly or the ability of the Index
to track general market performance.
©2013 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-0636-1212
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
Barclays Bank PLC
Mark Lane, +1 212-412-1413
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