Barclays Bank has announced the automatic redemption of its iPath Long Enhanced S&P 500 VIX Mid-Term Futures exchange-traded notes.
The ETNs are being redeemed as the result of an automatic termination event occurring on 5 October 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 USD10.00.
Holders of the ETNs on the automatic redemption date, 15 October, will receive a cash payment equal to the automatic redemption value.
Closing indicative value of the ETNs on the automatic termination date (which will not be greater than USD10.00 for each ETN, and will not be less than USD0 per ETN).
