NEW YORK–(BUSINESS WIRE)–Barclays Bank PLC (“Barclays” or the “Issuer”) announced a temporary
reduction of the minimum early redemption size of certain series of ETNs
as specified in the table below (together, the “ETNs”). Currently
holders of the ETNs are required to redeem a minimum number of ETNs, as
specified below, at one time in order to exercise the right to redeem
the ETNs directly with the Issuer. Barclays will temporarily reduce the
required minimum early redemption size for each series of ETNs as
specified below so that holders may redeem the ETNs of the relevant
series on any redemption date with the reduced minimum size.
These changes will be effective after the close of trading on
April 30, 2019 and will be effective for the next year ending on and
including April 30, 2020, unless extended by Barclays at its sole
discretion. Any such future modification will be applied on a consistent
basis for all holders of the ETNs at the time such modification becomes
effective.
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| Current minimum | Reduced minimum | |||||||||
| Underlying Index | Underlying Index |
early redemption |
early redemption |
|||||||
| ETN Name | ETN Ticker | Name | Ticker |
size (# of ETNs) |
size (# of ETNs) |
|||||
| iPath® S&P GSCI™ | ||||||||||
| Total Return Index | S&P GSCI Total | |||||||||
| ETN | GSP | Return Index | SPGSCITR | 30,000 | 5,000 | |||||
| iPath® Bloomberg Lead | Bloomberg Lead | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | LD | Return | BCOMPBTR | 30,000 | 5,000 | |||||
| iPath® Bloomberg Cocoa | Bloomberg Cocoa | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | NIB | Return | BCOMCCTR | 30,000 | 5,000 | |||||
| iPath® Series B S&P | ||||||||||
| GSCI™ Crude Oil | S&P GSCI Crude | |||||||||
| Total Return Index | Oil Total | |||||||||
| ETN | OIL | Return | SPGSCLTR | 50,000 | 5,000 | |||||
| iPath® Series B | Bloomberg | |||||||||
| Bloomberg Natural Gas | Natural Gas | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | GAZ | Return | BCOMNGTR | 50,000 | 5,000 | |||||
| iPath® Series B | Bloomberg | |||||||||
| Bloomberg Agriculture | Agriculture | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJA | Return | BCOMAGTR | 50,000 | 5,000 | |||||
| iPath® Series B | Bloomberg | |||||||||
| Bloomberg Aluminum | Aluminum | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJU | Return | BCOMALTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Coffee | Bloomberg Coffee | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JO | Return | BCOMKCTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Copper | Bloomberg Copper | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJC | Return | BCOMHGTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Cotton | Bloomberg Cotton | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | BAL | Return | BCOMCTTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Energy | Bloomberg Energy | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJE | Return | BCOMENTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Grains | Bloomberg Grains | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJG | Return | BCOMGRTR | 50,000 | 5,000 | |||||
| iPath® Series B | Bloomberg | |||||||||
| Bloomberg Industrial | Industrial | |||||||||
| Metals Subindex Total | Metals Subindex | |||||||||
| Return ETN | JJM | Total Return | BCOMINTR | 50,000 | 5,000 | |||||
| iPath® Series B | Bloomberg | |||||||||
| Bloomberg Livestock | Livestock | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | COW | Return | BCOMLITR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Nickel | Bloomberg Nickel | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJN | Return | BCOMNITR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Platinum | Bloomberg | |||||||||
| Subindex Total Return | Platinum | |||||||||
| ETN | PGM | Subindex TR | BCOMPLTR | 50,000 | 5,000 | |||||
| iPath® Series B | Bloomberg | |||||||||
| Bloomberg Precious | Precious Metals | |||||||||
| Metals Subindex Total | Subindex Total | |||||||||
| Return ETN | JJP | Return | BCOMPRTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Softs | Bloomberg Softs | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJS | Return | BCOMSOTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Sugar | Bloomberg Sugar | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | SGG | Return | BCOMSBTR | 50,000 | 5,000 | |||||
| iPath® Series B | ||||||||||
| Bloomberg Tin | Bloomberg Tin | |||||||||
| Subindex Total Return | Subindex Total | |||||||||
| ETN | JJT | Return | BCOMSNTR | 50,000 | 5,000 | |||||
| Barclays Capital | ||||||||||
| iPath® Pure Beta Broad | Commodity Index | |||||||||
| Commodity ETN | BCM | Pure Beta TR | BCC1C1PT | 50,000 | 5,000 | |||||
| Barclays Capital | ||||||||||
| WTI Crude Oil | ||||||||||
| iPath® Pure Beta Crude | Pure Beta TR | |||||||||
| Oil ETN | OLEM | Index | BCC2CLPT | 50,000 | 5,000 | |||||
All of the ETNs trade on the NYSE Arca stock exchange.
The obligation of Barclays to accept any early redemption of ETNs,
including with the reduced minimum redemption size as specified herein,
is subject to the procedures set forth in the section “Specific Terms of
the ETNs—Early Redemption Procedures” in the prospectus relating to the
ETNs. These procedures include delivering a notice of redemption and
signed confirmation to Barclays prior to the relevant valuation date
within the time frames set forth in the prospectus and instructing the
DTC custodian at which the ETNs are held to book and settle a delivery
vs. payment trade with respect to the ETNs.
The ETNs are riskier than ordinary unsecured debt securities and have no
principal protection. The ETNs are unsecured debt obligations of the
issuer, Barclays Bank PLC, and are not, either directly or indirectly,
an obligation of or guaranteed by any third party. An investment in
the ETNs involves significant risks, including possible loss of
principal, and may not be suitable for all investors.
The prospectus relating to each series of ETNs can be found on EDGAR,
the SEC website at: www.sec.gov,
as well as on the product website at the links listed below for the
relevant series:
http://www.ipathetn.com/LDprospectus
http://www.ipathetn.com/NIBprospectus
http://www.ipathetn.com/GSPprospectus
http://www.ipathetn.com/BALprospectus
http://www.ipathetn.com/COWprospectus
http://www.ipathetn.com/JJAprospectus
http://www.ipathetn.com/JJCprospectus
http://www.ipathetn.com/JJEprospectus
http://www.ipathetn.com/JJGprospectus
http://www.ipathetn.com/JJMprospectus
http://www.ipathetn.com/JJNprospectus
http://www.ipathetn.com/JJPprospectus
http://www.ipathetn.com/JJSprospectus
http://www.ipathetn.com/JJTprospectus
http://www.ipathetn.com/JJUprospectus
http://www.ipathetn.com/JOprospectus
http://www.ipathetn.com/SGGprospectus
http://www.ipathetn.com/PGMprospectus
http://www.ipathetn.com/GAZprospectus
http://www.ipathetn.com/OILprospectus
http://www.ipathetn.com/BCMprospectus
http://www.ipathetn.com/OLEMprospectus
Barclays Bank PLC is the issuer of iPath® ETNs and Barclays
Capital Inc. is the issuer’s agent in the distribution.
For further information, please instruct your broker/advisor/custodian
to email us at [email protected]
or alternatively, your broker/advisor/custodian can call us at:
1-212-528-7990.
About Barclays
Barclays is a transatlantic consumer and wholesale bank offering
products and services across personal, corporate and investment banking,
credit cards and wealth management, with a strong presence in our two
home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays
operates in over 40 countries and employs approximately 83,500 people.
Barclays moves, lends, invests and protects money for customers and
clients worldwide.
For further information about Barclays, please visit our website www.barclays.com
Selected Risk Considerations
An investment in the iPath ETNs described herein involves risks.
Selected risks are summarized here, but we urge you to read the more
detailed explanation of risks described under “Risk Factors” in the
applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are
exposed to any change in the level of the underlying index between the
inception date and the applicable valuation date. Additionally, if the
level of the underlying index is insufficient to offset the negative
effect of the investor fee and other applicable costs, you will lose
some or all of your investment at maturity or upon redemption, even if
the value of such index level has increased or decreased, as the case
may be. Because the ETNs are subject to an investor fee and other
applicable costs, the return on the ETNs will always be lower than the
total return on a direct investment in the index components. The ETNs
are riskier than ordinary unsecured debt securities and have no
principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. Any payment to be made on the ETNs, including any payment at
maturity or upon redemption, depends on the ability of Barclays Bank PLC
to satisfy its obligations as they come due. As a result, the actual and
perceived creditworthiness of Barclays Bank PLC will affect the market
value, if any, of the ETNs prior to maturity or redemption. In addition,
in the event Barclays Bank PLC were to default on its obligations, you
may not receive any amounts owed to you under the terms of the ETNs.
Issuer Redemption: If specified in the applicable prospectus,
Barclays Bank PLC will have the right to redeem or “call” a series of
ETNs (in whole but not in part) at its sole discretion and without your
consent on any trading day on or after the inception date until and
including maturity.
Automatic Redemption: If specified in the applicable prospectus,
Barclays Bank PLC will automatically redeem a series of ETNs (in whole
only, but not in part) at the specified automatic redemption value if,
on any valuation date prior to or on the final valuation date, the
intraday indicative note value of the ETNs becomes less than or equal to
the applicable level specified in the prospectus.
Market and Volatility Risk: The market value of the ETNs may be
influenced by many unpredictable factors and may fluctuate between the
date you purchase them and the maturity date or redemption date. You may
also sustain a significant loss if you sell your ETNs in the secondary
market. Factors that may influence the market value of the ETNs include
prevailing market prices of the U.S. stock markets, the index components
included in the underlying index, and prevailing market prices of
options on such index or any other financial instruments related to such
index; and supply and demand for the ETNs, including economic,
financial, political, regulatory, geographical or judicial events that
affect the level of such index or other financial instruments related to
such index.
Concentration Risk: Because the ETNs are linked to an index
composed of futures contracts on a single commodity or in only one
commodity sector, the ETNs are less diversified than other funds. The
ETNs can therefore experience greater volatility than other funds or
investments.
Barclays Pure Beta Series 2 Methodology: The Barclays Pure Beta
Series 2 Methodology seeks to mitigate distortions in the commodities
markets associated with investment flows and supply and demand
distortions. However, there is no guarantee that the Pure Beta Series 2
Methodology will succeed in these objectives and an investment in the
ETNs linked to indices using this methodology may underperform compared
to an investment in a traditional commodity index linked to the same
commodities.
Trading Market for the ETNs May Not Develop: Although the ETNs
are listed on NYSE Arca, a trading market for the ETNs may not develop
and the liquidity of the ETNs may be limited, as we are not required to
maintain any listing of the ETNs.
No Interest Payments from the ETNs: You may not receive any
interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date Restrictions for
Redemptions: Except in the circumstances described above, you must
redeem at least the minimum number of ETNs specified in the applicable
prospectus at one time in order to exercise your right to redeem your
ETNs on any redemption date. You may only redeem your ETNs on a
redemption date if we receive a notice of redemption from you by certain
dates and times as set forth in the pricing supplement.
Uncertain Tax Treatment: Significant aspects of the tax treatment
of the ETNs are uncertain. You should consult your own tax advisor about
your own tax situation.
The ETNs may be sold throughout the day on the exchange through any
brokerage account. There are restrictions on the minimum number of ETNs
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 ETNs. Sales in the secondary
market may result in significant losses.
The “S&P GSCI® Index Total Return” and “S&P GSCI® Crude
Oil Total Return Index” (the “S&P GSCI Indices”) are products of S&P Dow
Jones Indices LLC (“SPDJI”), and have been licensed for use by Barclays
Bank PLC. S&P® and GSCI® are registered
trademarks of Standard & Poors Financial Services LLC (“SPFS”). These
trademarks have been licensed to SPDJI and its affiliates and
sublicensed to Barclays Bank PLC for certain purposes. The S&P GSCI
Indices are not owned, endorsed, or approved by or associated with
Goldman, Sachs & Co. or its affiliated companies. The ETNs are not
sponsored, endorsed, sold or promoted by SPDJI, SPFS, or any of their
respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow
Jones Indices does not make any representation or warranty, express or
implied, to the owners of the ETNs or any member of the public regarding
the advisability of investing in securities generally or in the ETNs
particularly or the ability of the S&P GSCI Indices to track general
market performance.
“Bloomberg®“, “Bloomberg Commodity IndexSM“,
“Bloomberg Commodity Index Total ReturnSM“, “Bloomberg
Agriculture Subindex Total ReturnSM“, “Bloomberg Aluminum
Subindex Total ReturnSM“, “Bloomberg Cocoa Subindex Total
ReturnSM“, “Bloomberg Coffee Subindex Total ReturnSM“,
“Bloomberg Copper Subindex Total ReturnSM“, “Bloomberg
Cotton Subindex Total ReturnSM“, “Bloomberg Energy Subindex
Total ReturnSM“, “Bloomberg Grains Subindex Total ReturnSM“,
“Bloomberg Industrial Metals Subindex Total ReturnSM“,
“Bloomberg Lead Subindex Total ReturnSM“, “Bloomberg
Livestock Subindex Total ReturnSM“, “Bloomberg Natural Gas
Subindex Total ReturnSM“, “Bloomberg Nickel Subindex Total
ReturnSM“, “Bloomberg Platinum Subindex Total ReturnSM“,
“Bloomberg Precious Metals Subindex Total ReturnSM“,
“Bloomberg Softs Subindex Total ReturnSM“, “Bloomberg
Sugar Subindex Total ReturnSM“, “Bloomberg Tin Subindex Total
ReturnSM” and “BCOM” are service marks of Bloomberg Finance
L.P. and its affiliates (collectively, “Bloomberg“) and have
been licensed for use for certain purposes by Barclays Bank PLC. Any
ETNs based on the Bloomberg Commodity Indices are not sponsored,
endorsed, sold or promoted by Bloomberg, UBS AG, UBS Securities LLC (“UBS“),
or any of their subsidiaries or affiliates. None of Bloomberg, UBS AG,
UBS Securities or any of their subsidiaries or affiliates makes any
representation or warranty, express or implied, to the owners of or
counterparties to the ETNs or any member of the public regarding the
advisability of investing in securities or commodities generally or in
the ETNs particularly.
The Barclays Pure Beta Commodity Indices are trademarks of Barclays Bank
PLC.
© 2019 Barclays Bank PLC. 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.
|
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE |
Contacts
Press:
Brittany Berliner
+1 212 5264894
[email protected]
