20100908 Termsheet Volted ComBATS v5 _2

8/13/2019 20100908 Termsheet Volted ComBATS v5 _2

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Private and Confidential

FOR DISCUSSION PURPOSES ONLY

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30 September 2010

Please See Important Disclaimer and Risk Warnings on Final Page of this Indicative Term Sheet

5 Year EUR Note Linked to the Barclays Capital ComBATS 6

Index with VOLT overlay

Indicative Term Sheet

THIS TERM SHEET IS A SUMMARY ONLY. THE FULL TERMS AND CONDITIONS OF THE NOTES (THE

CONDITIONS) WILL BE SET OUT IN THE FINAL TERMS WHICH AMEND AND/OR SUPPLEMENT THE

CONDITIONS IN THE BASE PROSPECTUS DATED 30 JUNE 2010 (THE BASE PROSPECTUS) RELATING TO

THE ISSUERS RETAIL STRUCTURED SECURITIES PROGRAMME. TERMS USED BUT NOT OTHERWISE DEFINED

HEREIN SHALL HAVE THE MEANINGS ASSIGNED TO SUCH TERMS IN THE BASE PROSPECTUS.

PRIOR TO MAKING ANY INVESTMENT DECISION, INVESTORS SHOULD:

SEEK PROFESSIONAL ADVICE; SATISFY THEMSELVES THAT THEY FULLY UNDERSTAND THE RISKS RELATING TO THE NOTES; AND READ THIS TERM SHEET, THE FINAL TERMS AND THE BASE PROSPECTUS.

THE RISK FACTORS SET OUT IN THIS TERM SHEET AND THE BASE PROSPECTUS HIGHLIGHT SOME, BUT NOTALL, OF THE RISKS OF INVESTING IN THESE SECURITIES.

Product Name 5 Year EUR 3,000,000 Commodity Linked Note

Product Description 5 year100% principal protected note in EUR, linked to the performanceof VOLT on Barclays Capital ComBATS 6 Index

Highlights 5 year term

Exposure to Barclays Capital ComBATS 6 Index with volatility-targeting of 5% applied

Redeems at par plus 100% of the positive return of VOLT on Barclays

Capital ComBATS 6 Index VOLT is a volatility targeting methodology developed by Barclays; it is

designed to maintain its realized volatility close to a Target Volatility

Level. This is achieved by a dynamic modification of the exposure toBarclays Capital ComBATS 6 Index, based on the difference between

the Target Volatility Level and the 40-Days Realised Volatility of theBarclays Capital ComBATS 6 Index

The Target Volatility Level is 5%

Offers 100% principal protection if held to scheduled maturity

Knock-Out: the Participation is reduced to 0% if the VOLT on BarclaysCapital ComBATS 6 Index trades below 50% of its strike on any


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30 September 2010


Commodity Business Day.

These Notes are 100% principal-protected when held to theirscheduled maturity. In the event that Notes are sold prior to maturity

or are redeemed prior their maturity due to early redemption,

Noteholders may receive less than 100% of the Denomination.

Issuer Barclays Bank PLC (Barclays)

Issuers Current Rating AA- by S&P / Aa3 by Moodys

Aggregate Principal Amount of

the Notes

EUR 3,000,000

Specified Denomination EUR 1000

Minimum Settlement Amount EUR 1000

Trade Date [TBD]

Public Offering Period [TBD]

Public Offering The Netherlands

Issue Date [TBD]

Strike Date [TBD]

Valuation Date [TBD]

Pricing Dates Each Commodity Business Day from (and including) the date falling 40Commodity Business Days prior to the Strike Date to (and including) the

Valuation Date

Maturity Date [TBD]

Issue Price 100% of par

Re-offer Price 97.50% of par

Commodity Index Barclays Capital ComBATS 6 Index

Provisions Relating to Redemption

Calculation Amount perSecurity

Specified Denomination

Relevant Commodity Price For any Pricing Date, the price of the Commodity Index, determined with

respect to that day for the specified Commodity Reference Price.Commodity Reference Price The price for a Pricing Date will be that days Specified Price for the

Barclays Capital ComBATS 6 Excess Return Index (the Commodity

Index), stated in U.S. Dollars, published by Barclays Capital or its

successor (the Index Sponsor), and displayed on Bloomberg page

BCCAC06P that displays prices effective on that Pricing Date.

Specified Price Official settlement price

Settlement Method Cash

Settlement Currency EUR

Final Redemption Amount On the Maturity Date, each Note will be redeemed by the Issuer at its


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30 September 2010


Final Redemption Amount as determined by the Determination Agent in

accordance with the following:

If the Relevant Commodity Price is equal to or greater than theBarrier Level on each Commodity Business Day from the StrikeDate to the Valuation Date, the Final Redemption Amount,

determined with respect to the Valuation Date, shall be an

amount calculated in accordance with the following formula:

Otherwise:

N * 100%

Where:

Nmeans Calculation Amount per Security;

VOLTInitial means the level of VOLT on the Strike Date, being

1,000.000;

VOLTFinalmeans the level of VOLT on the Valuation Date, calculated in

accordance with Calculation of VOLT Provisions below;Participationmeans 100%;

Barrier Levelmeans 50% of Index Initial; and

Index Initial means the Relevant Commodity Price for the Commodity

Index on the Strike Date.

Calculation of VOLT Provisions

VOLT Calculation Date Each Commodity Business Day during the VOLT Calculation Period.

VOLT Calculation Period From and including the Strike Date to and including the Valuation Date

VOLT With respect to each VOLT Calculation Datet, the level of VOLT can bedetermined by the formula:

Where:

VOLTt-1 means the level of VOLT on the VOLT Calculation Datet-1,

provided that VOLT0shall be equal to 1,000;

Pt means the Relevant Commodity Price of the Commodity Index on

the VOLT Calculation Datet;

Pt-1means the Relevant Commodity Price of the Commodity Index on


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30 September 2010


the immediately preceding VOLT Calculation Datet-1, provided that P0

shall be equal to the Relevant Commodity Price of the Commodity Indexon the Strike Date;

DLt-1 means the Dynamic Leverage on the immediately preceding

VOLT Calculation Datet-1

Dynamic Leverage (DL) With respect to each VOLT Calculation Datet, the level of DynamicLeverage will be determined by the following formula, as the Target

Volatility ( divided by the Realized Volatility ( capped at Max

Leverage (CAP):

On VOLT Calculation Date0:

On any VOLT Calculation Datet, if a Rebalancing Event has occurred,

then Dynamic Leverage is calculated as follows:

Otherwise Dynamic Leverage shall be the Dynamic Leverage for the

immediately preceding VOLT Calculation Datet-1, i.e.

Rebalancing Event With respect to each VOLT Calculation Datet, a Rebalancing Event shall

be deemed to have occurred on that VOLT Calculation Datetif on such

date, the Target Volatility ( divided by the Realized Volatility (

differs from the preceding VOLT Calculation Date t-1Dynamic Leverage

(DLt-1) by more than the Threshold Level (TL), i.e. :

if

Target Volatility ( Realized Volatility ( preceding Dynamic

Leverage (DLt-1) + Threshold Level (TL)

or

Target Volatility ( Realized Volatility ( Dynamic Leverage

(DLt-1) - Threshold Level (TL)

Where :

means the Dynamic Leverage calculated on the immediately

preceding VOLT Calculation Datet-1

Target Volatility (

) 5%

Max Leverage (CAP) 100%

Threshold Level (TL) 10%


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30 September 2010


Volatility Calculation Periodt With respect to each VOLT Calculation Datet, means the period from and

including 40 Commodity Business Days before VOLT Calculation Datettoand including the Commodity Business Day immediately preceding

VOLT Calculation Datet

Realized Volatility (

) With respect to each VOLT Calculation Date t, means the realizedvolatility over the Volatility Calculation Periodtcalculated as follows:

where:LRj is the continuously compounded daily return of the CommodityIndex, which for any Pricing Datej is determined by the following

formula:

means

Where:

Ln denotes the natural logarithm,

Pj means the Relevant Commodity Price of the Commodity Index on

the Pricing Datejand

Pj-1means the Relevant Commodity Price of the Commodity Index on

Pricing Datej-1,

P0 shall be equal to the Relevant Commodity Price of the CommodityIndex on the Strike Date.

Wherejis negative, the Pricing Date shall be the day falling j CommodityBusiness Days before the Strike Date.

is the historical 40-days arithmetic average of continuouslycompounded daily returns determined by the following formula:

means

Other Provisions

Commodity Index Disclaimer As set out in the Annex hereto.

Commodity Market Disruption

Events and Disruption Fallbacks

If, in the opinion of the Determination Agent, a Commodity Market

Disruption Event has occurred and is continuing on any Pricing Date (or,

if different, the day on which prices for that Pricing Date would, in theordinary course, be published by the Price Source), the Relevant

Commodity Price for that Pricing Date will be determined by the


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30 September 2010


Determination Agent in accordance with the first applicable Disruption

Fallback that provides a Relevant Commodity Price.Where a Commodity Market Disruption Event means, the occurrence o

any of the following events:

(i) a temporary or permanent failure by the applicable exchange

or other price source to announce or publish (a) the final

settlement price for the Commodity Reference Price or (b)

closing price for any futures contract included in the

Commodity Reference Price;

(ii) a material limitation, suspension or disruption of trading in one

or more of the futures contracts included in the CommodityReference Price; or

(iii) the closing price for any futures contract included in theCommodity Reference Price is a limit price, which means that

the closing price for such contract for a day has increased or

decreased from the previous days closing price by themaximum amount permitted under applicable exchange rules.

Where a Disruption Fallback means the following source or methodthat gives rise to an alternative basis for determining the Relevant

Commodity Price in respect of a specified Commodity Reference Price

when a Commodity Market Disruption Event occurs or exists on a daythat is a Pricing Date:

(i) with respect to each futures contract included in the

Commodity Reference Price which is not affected by theCommodity Market Disruption Event, the Relevant Commodity

Price will be based on the closing prices of each such contract

on the applicable determination date;

(ii) with respect to each futures contract included in the

Commodity Reference Price which is affected by the

Commodity Market Disruption Event, the Relevant Commodity

Price will be based on the closing prices of each such contract

on the first day following the applicable determination date on

which no Commodity Market Disruption Event is occurring with

respect to such contract;

(iii) subject to Clause (iv) below, the Determination Agent shall

determine the Relevant Commodity Price by reference to the

closing prices determined in Clauses (i) and (ii) above using the

then-current method for calculating the Relevant Commodity

Price; and

(iv) where a Commodity Market Disruption Event with respect toone or more futures contracts included in the Commodity

Reference Price continues to exist (measured from and

including the first day following the applicable determinationdate) for five consecutive Trading Days, the Determination

Agent shall determine the Relevant Commodity Price in a

commercially reasonable manner.


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Adjustments to Commodity

Index

(a) If the Commodity Index is permanently cancelled or the Commodity

Reference Price is not calculated and announced by the sponsor of

such Commodity Index or any of its affiliates (together theSponsor) but (i) is calculated and announced by a successor

sponsor (the Successor Sponsor) acceptable to the Determination

Agent, or (ii) replaced by a successor index (the Successor Index)

using, in the determination of the Determination Agent, the same or

a substantially similar formula for and method of calculation as used

in the calculation of the Relevant Commodity Price, then the

Relevant Commodity Price will be deemed to be the price so

calculated and announced by that Successor Sponsor or thatSuccessor Index, as the case may be.

(b) If the Determination Agent determines that (i) the Sponsor makes amaterial change in the formula for or the method of calculating the

RelevantCommodity Price or in any other way materially modifies

such Commodity Index (other than a modification prescribed in thatformula or method to maintain the Relevant Commodity Price in the

event of changes in constituent commodities and weightings and

other routine events), or (ii) the Sponsor permanently cancels the

Commodity Index or (iii) the Sponsor fails to calculate and announcethe Commodity Index for a continuous period of three Trading Days

and the Determination Agent determines that there is no Successor

Sponsor or Successor Index (such events (i) (ii) and (iii) to be

collectively referred to as Index Adjustment Events), then the

Determination Agent may at its option (in the case of (i)) and shall(in the case of (ii) and (iii)) calculate the Relevant Commodity Price

using in lieu of the published level for that Commodity Index (if any),

the level for that Commodity Index as at the relevant determination

date as determined by the Determination Agent in accordance with

the formula for and method of calculating that Commodity Index

last in effect prior to the relevant Index Adjustment Event, but using

only those futures contracts that comprised that Commodity Indeximmediately prior to the relevant Index Adjustment Event (other

than those futures contracts that have ceased to be listed on any

relevant exchange).

(c) In the event that the Determination Agent determines that it can no

longer continue to calculate such Index, the Determination Agentmay, in its sole discretion, deem such Index Adjustment Event to

constitute an Early Redemption Event for the purposes of this

provisions and shall adjust, redeem, cancel and/or take any other

necessary action in accordance with the Early Redemption Eventsprovisions in the Base Prospectus.

Additional Disruption Events The Issuer may on giving not less than 10 Business Days notice to theSecurityholders, redeem all (but not some) of the Securities early at theEarly Redemption Amount on the Early Redemption Date if any of the

following events occur:

Change in Law Applicable;


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Issuer Tax Event Applicable;

Hedging Disruption Applicable;

[Increased Cost of Hedging Applicable;

Currency Disruption Event] Applicable,

provided that Change in Law, Hedging Disruption and Increased Cost of

Hedging shall each be as described in the Base Prospectus.

Issuer Tax Event shall mean the imposition of any withholding ordeduction on any payments in respect of the Securities by or on behalf othe Issuer.

Currency Disruption Event shall mean, with respect to a Series oSecurities, the occurrence or official declaration of an event impacting

one or more Currencies that the Issuer, in its sole and absolute discretion,determines would materially disrupt or impair its ability to meet its

obligations in the Settlement Currency or otherwise settle, clear, or hedge

such Series of Securities.

Series shall mean the Securities of each original issue together with theSecurities of any further issues expressed to be consolidated to form a

single Series with the Securities of an original issue.

Currency(ies)shall mean with respect to a country, the lawful currency osuch country.

Settlement Currencyshall mean Specified Currency.

Early Redemption Amount Such amount as determined by the Determination Agent acting in a

commercial mannerEarly Redemption Date The 5th Business Day after an early redemption notice is given by or on

behalf of the Issuer to the Noteholder

General Provisions

Programme Barclays Bank PLC Retail Structured Securities Programme

Status Unsecured and Unsubordinated

Business Days for Payment TARGET and London

Business Days

Business Day Convention

Commodity Business Day Means (a) where the Commodity Reference Price is a price announced

or published by an Exchange, a day that is (or would have been, but forthe occurrence of a Commodity Market Disruption Event) a day on

which that Exchange is open for trading during its regular tradingsession, notwithstanding any such Exchange closing prior to its

scheduled closing time and (b) where the Commodity Reference Price is

not a price announced or published by an Exchange, a day in respect of

which the relevant Price Source published (or would have published, but

for the occurrence of a Commodity Market Disruption Event) a price.

Commodity Business Day

Convention

Following

Settlement Cash


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30 September 2010


Listing Euronext (Amsterdam)

ISIN/WKN TBD

Determination Agent Barclays Bank PLC

Relevant Clearing Systems Euroclear / Clearstream, Luxembourg

Governing Law German Law

Documentation To be issued under the Barclays Bank PLC Retail Structured SecuritiesProgramme

Selling Restrictions Selling restrictions: USA and U.K.

Indicative Prices In order to ensure a secondary market for the Notes, Barclays Bank PLC(Barclays) hereby agrees:

a) Daily Indicative Prices: to provide daily indicative prices of theNotes by publication on Reuters or other similar pricing source;

and

b) Indicative Bid Prices: subject to (i) the existence of normal market

and funding conditions as determined by Barclays in its sole

discretion; and (ii) applicable laws and regulations upon request by

any Securityholder, and offer prices for the Notes with a view to

agreeing the offer or repurchase of such Notes within a reasonable

period thereafter.

c) Bid-Offer Spread: Where Barclays does provide an Indicative BidPrice in accordance with the above paragraph, the bid-offer

spread, in normal market conditions, is expected to be 2%.

For the avoidance of doubt this provision does not amount to a

commitment to make a market on any day at any price.

Risk Warnings These Notes are 100% principal-protected when held to their scheduledmaturity. In the event that Notes are sold prior to maturity or are

redeemed prior to maturity due to early redemption, Noteholders may

receive less than 100% of the Denomination.

Confidentiality On receipt of this indicative term sheet, the recipient agrees to maintainthe confidentiality of its contents.


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30 September 2010


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Annex B

Commodity Index Disclaimer

Barclays Bank PLC (Barclays). All rights reserved. Barclays makes no representation or warranty, express or

implied, to the Securityholders or any member of the public regarding the advisability of investing in securities

generally or other instruments or related derivatives or in the Securities particularly or the ability of theBarclays Capital proprietary indices described herein (together, the Proprietary Indices), to track the

performance of any market. Barclays has no obligation to take the needs of any Securityholder or any member

of the public into consideration in determining, composing or calculating the Proprietary Indices. Barclays, as

index sponsor of the Proprietary Indices, is not responsible for and has not participated in the determination ofthe timing of, prices at, or quantities of the Securities to be issued or in the determination or calculation of the

equation by which the Securities is to be converted into cash. Barclays, as index sponsor of the Proprietary

Indices, has no obligation or liability in connection with the administration, marketing or trading of the

Securities.

BARCLAYS DOES NOT GUARANTEE AND SHALL HAVE NO LIABILITY TO THE SECURITYHOLDERS OR TO

THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BARCLAYS INDICES, OR

ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BARCLAYS INDICES.

BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL

WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO

THE PROPRIETARY INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE

FOREGOING, IN NO EVENT SHALL BARCLAYS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT,

OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH

DAMAGES.


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Risk Factors

THESE RISK FACTORS HIGHLIGHT ONLY SOME OF THE RISKS OF INVESTING IN THE SECURITIES DESCRIBED

IN THIS TERM SHEET (THE PRODUCT). YOU MUST ALSO READ THE RISK FACTORS IN THE BASE

PROSPECTUS. SEEK PROFESSIONAL ADVICE BEFORE MAKING ANY INVESTMENT DECISION.

Potential Conflicts of Interest

Potential conflicts of interest may exist in the internal teams and divisions within Barclays Capital and thereforein the course of normal business operations of the Index Sponsor and other divisions and teams of Barclays

Capital and/or any of its affiliates.

During the course of normal business operations, the Index Sponsor, as a research team within Barclays Capitalmay determine, calculate and publish the Index, while another team within Barclays Capital may issue, enter

into, promote, offer or sell transactions or investments linked, in whole or in part, to the Index. In addition,

another team within Barclays Capital may have, or may have had, interests or positions, or may buy, sell or

otherwise trade positions in or relating to the underlying assets linked to the Index. Such activities may or maynot have an impact on the level of the Index. In view of the different roles performed by Barclays Capital

through the various teams, Barclays Capital as an entity is subject to potential conflicts of interests.

Adjustments, Suspension and Termination of the IndexWhile the Index Sponsor currently employs the methodology ascribed to the Index (and application of suchmethodology shall be conclusive and binding), no assurance can be given that market, regulatory, juridical,

financial, fiscal or other circumstances (including, but not limited to, any changes to or any suspension or

termination of or any other events affecting any constituent within the Strategy Index) will not arise that

would, in the view of the Index Sponsor, necessitate an adjustment, modification or change of such

methodology. The Index Sponsor may also, in its sole and absolute discretion, at any time and without notice,

adjust, suspend or terminate the Index. The Index Sponsor is also under no obligation to continue the

calculation, publication and dissemination of the Index. Any such adjustment, suspension, termination or non-

publication may have a negative impact on the Transaction.

Lack of Operating HistoryThe Index may be only recently established and therefore have no history to evaluate its likely performance.

Past PerformanceAny data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as

to future performance. No representation is made as to the reasonableness of the assumptions made within or

the accuracy or completeness of any modelling, scenario analysis or back-testing. Any opinions and estimatesgiven are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a

result of market changes. The Index is not intended to predict actual results and no assurances are given with

respect thereto.

Extraordinary and Force Majeure EventsIt should be noted that the Index is subject to certain extraordinary and force majeure events, including, but not

limited to, any modification to, or cancellation of, the Index or any elimination or exchange of any indexcomponent or constituent, the consequences of which may have a negative impact upon the performance of

the Index.

Ambiguities in respect of the Index Rules (if any)


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Whilst the Documented Rules (if any) are intended to be comprehensive, ambiguities may arise. In such

circumstances the Index Sponsor will resolve such ambiguities in good faith and a reasonable manner and, ifnecessary, amend the Index Rules to reflect such resolution.

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20100908 Termsheet Volted ComBATS v5 _2

Documents

Transcript of 20100908 Termsheet Volted ComBATS v5 _2