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Barclays and OFI partner to launch SteelPath MLP ETNs

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Barclays Bank and OFI Global Asset Management are teaming up to launch the Barclays OFI SteelPath MLP exchange-traded notes (ETNs).

Barclays plans to apply to list the ETNs on the NYSE Arca Stock Exchange under the ticker symbol OSMS.
 
If the application is approved, Barclays expects that the ETNs will begin trading on NYSE Arca on 24 April 2014.
 
The ETNs will be linked to the Volume-Weighted Average Price (VWAP) of the Barclays OFI SteelPath Midstream MLP Index.
 
The index is designed to track the performance of a basket of direct interests in master limited partnerships and limited liability companies. The index constituents are selected for inclusion in the index based on certain eligibility criteria, including distribution payment history, lower relative correlation to oil and natural gas prices, and size as measured by free-float market capitalisation and average daily trading value. The index's focus on distribution growth and low commodity sensitivity incorporates key aspects of the OFI SteelPath Midstream MLP Strategy on which the index is based.
 
The partnership combines OFI SteelPath's experience and leadership within the energy infrastructure space with Barclays' strong brand and position in exchange-traded notes. The ETNs will offer investors exposure to the OFI SteelPath Midstream MLP Strategy, which expands OFI SteelPath's footprint beyond mutual funds and separately managed accounts offered through the OFI Global Asset Management franchise.
 
"This partnership provides OFI SteelPath with another investment vehicle to better serve our clients' needs," says Krishna Memani, chief investment officer of OppenheimerFunds. "Our historical focus has been on mutual funds and other actively managed investment vehicles. However, as our firm continues to grow and evolve, we recognize that certain investors have a preference for the ETN structure in this asset class."
 
"We are excited to have been able to collaborate with OppenheimerFunds to bring these ETNs to market, expanding our ever-growing product range,” says Ian Merrill, head of ETNs, Americas, at Barclays. "The MLP asset class continues to offer investors the potential for income producing investment opportunities, and these ETNs provides investors strategy-based exposure to midstream MLPs in an exchange-traded format."

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