FWP 1 dfwp.htm FREE WRITING PROSPECTUS - IPATH DJP INFO SHEET Free Writing Prospectus - iPath DJP Info Sheet

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-145845

February 6, 2008

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iPath Exchange Traded Notes

iPATH ® DOW JONES–AIG COMMODITY INDEX TOTAL RETURNSM ETN

iPath Exchange Traded Notes (ETNs) are unsecured debt securities issued by Barclays Bank PLC that are linked to the total return of a market index. Investors can trade on an exchange at market price or receive a cash payment at the scheduled maturity or early redemption,1 based on the performance of the index less investor fees. The iPath® Dow Jones–AIG Commodity Index Total ReturnSM ETN is designed to provide investors with a cost-effective investment in broad-based commodities as measured by the Dow Jones–AIG Commodity Index Total ReturnSM (the “Index”).

 

NOTE DETAILS

 

Ticker

   DJP  

Intraday indicative value ticker

   DJP.IV  

Bloomberg index ticker

   DJAIGTR  

CUSIP

   06738C778  

Primary exchange

   NYSE Arca  

Yearly fee

   0.75 % *

Inception date

   06/06/06  

Maturity date

   06/12/36  

Index

   Dow Jones–AIG Commodity

Index Total ReturnSM

 

 

 

* The investor fee is equal to the Yearly Fee times the principal amount of your securities times the index factor, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the principal amount of your securities times the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the closing value of the index on that day divided by the initial index level. The initial index level is the value of the index on the inception date.

INDEX COMMODITY GROUPS

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Source: Dow Jones and AIG Financial Products Corp., as of 12/31/07. Subject to change. For current commodity group weightings, please go to www.iPathETN.com.


 

ISSUER DETAILS

 

Barclays Bank PLC long-term unsecured obligations†

S&P Rating

   AA

Moody’s Rating

   Aa1

 

The iPath ETNs are not rated, but rely on the ratings of their issuer, Barclays Bank PLC. Credit ratings are subject to revision or withdrawal at any time by the assigning rating organization, which may have an adverse effect on the market price or marketability of the iPath ETNs.

INDEX CORRELATIONS

 

Dow Jones–AIG Commodity Index Total ReturnSM

   1.00

S&P GSCI™ Total Return Index

   0.88

S&P GSCI™ Crude Oil Total Return Index

   0.72

S&P 500® Index

   0.10

Lehman U.S. Aggregate Index

   0.01

MSCI EAFE Index

   0.24

Sources: Dow Jones and AIG Financial Products Corp., S&P, Lehman Brothers, MSCI, Bloomberg (12/92–12/07) based on monthly returns.


 

INDEX TOTAL RETURNS & STANDARD DEVIATION

(as of 12/31/07)

 

    1-YEAR RETURN %   3-YEAR RETURN %
ANNUALIZED
  5-YEAR RETURN %
ANNUALIZED
  STANDARD DEVIATION %
ANNUALIZED

Dow Jones–AIG Commodity Index Total ReturnSM

  16.23   12.92   14.26   13.93

S&P GSCI™ Total Return Index

  32.67   12.25   14.90   22.35

S&P GSCI™ Crude Oil Total Return Index

  47.45   14.07   22.33   29.16

S&P 500® Index

  5.49   8.62   12.83   8.61

Lehman U.S. Aggregate Index

  6.97   4.56   4.42   3.59

MSCI EAFE Index

  11.17   16.83   21.59   10.71

 

Based on monthly returns, calculated for time period of 12/31/02–12/31/07.

Sources: Dow Jones and AIG Financial Products Corp., S&P, Lehman Brothers, MSCI, Bloomberg.

Index returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. For current index and iPath ETN performance, go to www.iPathETN.com.

An investment in iPath ETNs involves risks, including possible loss of principal. For a description of the main risks see “Risk Factors” in the applicable prospectus.

 

1.

Investors may redeem at least 50,000 units of the iPath® Dow Jones–AIG Commodity Index Total ReturnSM ETN directly to the issuer, Barclays Bank PLC, subject to the procedures described in the relevant prospectus.


iPATH® DOW JONES–AIG COMMODITY INDEX TOTAL RETURNSM ETN

The Dow Jones–AIG Commodity Index Total ReturnSM was introduced in July 1998 to provide a unique, diversified, economically rational and liquid benchmark for commodities as an asset class. The Index was created using the following four main principles as goals: economic significance (as measured by liquidity data and dollar-weighted production data of a particular commodity), diversification, continuity and liquidity. The Index currently is composed of the prices of 19 exchange traded futures contracts on physical commodities.

TOP TEN CONTRACTS INCLUDED IN THE DOW JONES–AIG COMMODITY INDEX TOTAL RETURNSM FOR 2007*

 

COMMODITY

  

TICKER

   2007 REFERENCE PRICE
DOLLAR WEIGHTING
   

TRADING
FACILITY

  

COMMODITY GROUP

Oil–WTI crude oil

   CL    12.72 %   NYM    Energy

Natural gas

   NG    12.55 %   NYM    Energy

Soybeans

   S    7.75 %   CBT    Agriculture

Gold

   GC    6.83 %   CMX    Precious metals

High-grade primary aluminum

   IA    6.80 %   LME    Industrial metals

Copper

   HG    6.19 %   COMEX    Industrial metals

Cattle-live

   LC    6.14 %   CME    Livestock

Corn

   C    5.63 %   CBT    Agriculture

Wheat–Chicago

   W    4.72 %   CBT    Agriculture

Unleaded gas (RBOB)

   RB    3.94 %   NYM    Energy

 

* As of September 2007 rebalancing. Source: Dow Jones and AIG Financial Products Corp., NYM–NYMEX Division New York Mercantile Exchange, CBT–Chicago Board of Trade, CME–Chicago Mercantile Exchange, LME–London Mercantile Exchange, CMX–COMEX Division–New York Mercantile Exchange.

 

An investment in iPath ETNs involves risks, including possible loss of principal. For a description of the main risks see “Risk Factors” in the applicable prospectus.

Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you request it by calling toll-free 1-877-76-iPATH, or you may request a copy from any other dealer participating in the offering.

Barclays Global Investors Services, a subsidiary of Barclays Global Investors, N.A. (“BGINA”), assists in the promotion of the Securities. Barclays Global Investors, N.A. and Barclays Capital Inc. (“BCI”) are affiliates of Barclays Bank PLC.

iPath ETNs (the “Securities”) are unsecured obligations of Barclays Bank PLC and are not secured debt. The Securities are riskier than ordinary unsecured debt securities and have no principal protection. Risks of investing in the Securities include limited portfolio diversification, trade price fluctuations, uncertain principal repayment, and illiquidity. Investing in the Securities is not equivalent to direct investment in index or index components. The investor fee will reduce the amount of your return at maturity or on redemption, and as a result you may receive less than the principal amount of your investment at maturity or upon redemption of your Securities even if the value of the relevant index has increased. An investment in iPath ETNs may not be suitable for all investors.

The Securities may be sold throughout the day on the exchange through any brokerage account. There are restrictions on the minimum number of Securities you may redeem directly with the issuer as specified in the applicable prospectus. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of Securities. Sales in the secondary market may result in significant losses.

The index components for iPath ETNs linked to commodities indexes are concentrated in the commodities sector. The market value of the Securities may be influenced by many unpredictable factors, including, where applicable, highly volatile commodities prices, changes in supply and demand relationships; weather; agriculture; trade; pestilence; changes in interest rates; and monetary and other governmental policies, action and inaction. Index components that track the performance of a single commodity, or index components concentrated in a single sector, are speculative and may typically exhibit higher volatility. The current or “spot” prices

of the underlying physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. These factors may affect the value of the index and the value of your Securities in varying ways.

iPath ETNs typically have lower investor fees than currently existing mutual funds that invest in similar markets and are available to retail investors. Buying and selling iPath ETNs will result in brokerage commissions.

BGINA and its affiliates, and BCI and its affiliates do not provide tax advice and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax-related penalties; and (ii) was written to support the promotion or marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.

“Dow Jones®”, “AIG®”, “Dow Jones-AIG Commodity IndexSM”, “DJ-AIGCISM”, “Dow Jones-AIG Commodity Index Total ReturnSM”, “Dow Jones-AIG Agriculture Total Return Sub-IndexSM”, “Dow Jones-AIG Copper Total Return Sub-IndexSM”, “Dow Jones-AIG Energy Total Return Sub-IndexSM”, “Dow Jones-AIG Grains Total Return Sub-IndexSM”, “Dow Jones-AIG Industrial Metals Total Return Sub-IndexSM”, “Dow Jones-AIG Livestock Total Return Sub-IndexSM”, “Dow Jones-AIG Natural Gas Total Return Sub-IndexSM” and “Dow Jones-AIG Nickel Total Return Sub-IndexSM” are registered trademarks or service-marks of Dow Jones & Company, Inc. (“Dow Jones”), and American International Group, Inc. (“AIG”), as the case may be, and have been licensed for use for certain purposes by Barclays Bank PLC for the Securities. The Securities based on the Dow Jones–AIG Commodity Index Total ReturnSM are not sponsored, endorsed, sold or promoted by Dow Jones, AIG Financial Products Corp. (“AIG-FP”), AIG, or any of their respective subsidiaries or affiliates and none of Dow Jones, AIG-FP, AIG, or any of their respective subsidiaries or affiliates makes any representation regarding the advisability of investing in such Securities.

©2008 BGINA. All rights reserved. iPath, iPath ETNs and the iPath logo are registered trademarks of Barclays Bank PLC. All other trademarks, servicemarks or registered trademarks are the property, and used with the permission, of their respective owners. 6158-iP-0108 511-35BR–1/08

Not FDIC Insured  •  No Bank Guarantee  •  May Lose Value


 

BCY-M-501-01008

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