Barclays Bank PLC announced today the automatic redemption of its iPath ® Long Enhanced S&P 500 VIX Mid-Term Futures™ Exchange Traded Note (II) (ticker: VZZB) (the “ETNs”). The ETNs are being redeemed as the result of an automatic termination event occurring on October 5, 2012, the automatic termination date. As described in the prospectus, an automatic termination event occurs when the intraday indicative note value of the ETNs on any valuation date is equal to or less than the automatic termination level of $10.00. Details of the automatic termination event are below.
|Automatic Termination Date:||October 5, 2012|
|Time of Automatic Termination Event:||09:30 a.m. EST|
|Automatic Termination Level:||$10.00|
Holders of the ETNs 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:||October 15, 2012|
|Automatic Redemption Value:||
Closing indicative value of the ETNs on the automatic termination date (which will not be greater than $10.00 for each ETN, and will not be less than $0 per ETN).
For more information regarding the automatic termination event, including how the automatic redemption value is determined, see the prospectus relating to the ETNs under the heading “Specific Terms of the ETNs—Automatic Termination Event.” 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.