NEW YORK, June 8, 2006 –The New York Stock Exchange today began trading Barclays Bank PLC’s newest product, the iPathSM Exchange Traded Notes (iPathSM ETNs).
iPathSM ETNs are securities linked to the performance of a market index. They are designed to provide investors with convenient access to the returns of market benchmarks, less investor fees, with easy transferability. The first two are: iPathSM ETNs linked to GSCI® Total Return Index (NYSE: GSP) and iPathSM ETNs linked to Dow Jones-AIG Commodity Index Total ReturnSM (NYSE: DJP). The two above-mentioned iPath ETNs each will have a 30-year maturity. Barclays Bank PLC is the issuer, Barclays Capital Inc. is the issuer's agent and Barclays Global Investors Services is the promoter of iPath ETNs to intermediaries.
The iPathSM Exchange Traded Notes linked to GSCI® Total Return Index (NYSE: GSP) provide investors with exposure to the returns potentially available through an unleveraged investment in the contracts comprising the GSCI® plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts.
The commodities represented in the GSCI® Total Return Index are production-weighted to reflect their relative significance to the world economy. Crude oil is currently the dominant commodity in this index.
The iPathSM Exchange Traded Notes, linked to Dow Jones-AIG Commodity Index Total ReturnSM (NYSE: DJP) provides investors with exposure to the returns that are potentially available through an unleveraged investment in the contracts comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.
In celebration of the two iPathSM ETNs listings, Robert E. Diamond Jr., President of Barclays PLC, rang today’s Opening BellSM. Barclays visit to the NYSE also marked the company’s 20th anniversary of listing on the Exchange as well as its title sponsorship of the Barclays Classic Golf Tournament at the Westchester Country Club.
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