Barclays Bank PLC announced today the automatic redemption of
the iPath® Short Enhanced MSCI Emerging Markets Index Exchange
Traded Note (ticker: EMSA) (the “ETNs”). The ETNs are being
redeemed as the result of an automatic termination event occurring
on June 8, 2017, 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 trading day is
equal to or less than the automatic termination level of $45.00.
Details of the automatic termination event are below.
Automatic Termination Date: June 8, 2017 Time of
Automatic Termination Event: 9:10 pm EST Automatic Termination
Level: $45.00
Holders of the ETNs on the automatic redemption date, which is
the fifth business day following the automatic termination date,
will receive a cash payment equal to the automatic redemption
value.
Automatic Redemption Date:
June 15, 2017 Automatic
Redemption Value: $45.00
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. For more information on risks associated with the
ETNs, please see "Selected Risk Considerations" below and the risk
factors included in the relevant prospectus.
For more information regarding the automatic termination event,
including how the automatic redemption value is determined, see the
prospectus relating to the ETNs under the heading “Specific Terms
of the ETNs—Automatic Termination Event.” The prospectus relating
to the ETNs can be found on EDGAR, the SEC website, at:
www.sec.gov. The prospectus is also available on the product
website at the link below:
http://www.ipathetn.com/US/16/en/documentation.app?instrumentId=259112&documentId=5594960.
For further information, please instruct your
broker/advisor/custodian to email us at etndesk@barclays.com or
alternatively, your broker/advisor/custodian can call us at:
1-212-528-7990.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the “ETNs”)
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 decrease 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 has
increased. Because the ETNs are subject to an investor fee and any
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 and is subject
to the exercise of any U.K. Bail-In Power by the relevant U.K.
resolution authority under the U.K. Banking Act 2009, as amended
and the Financial Services and Markets Act 2000. 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 of become subject to the exercise of any
U.K. Bail-In Power (or any other resolution measure) by the
relevant U.K. resolution authority, you may not receive any amounts
owed to you under the terms of the ETNs.
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.
Your Return May Be Affected By Factors Affecting
International Security Markets: The international equities
underlying the index may have less liquidity and could be more
volatile than the securities traded in the U.S. or other
longer-established securities markets. Additional special risks
associated with international securities may include less rigorous
regulation of securities markets, different accounting and
disclosure standards, government interference, higher inflation,
and social, economic, and political uncertainties.
Leverage Risk: Because an investment in the ETNs is
leveraged, changes in the level of the underlying index will have a
greater impact on the payout on the ETNs than on a payout on
securities that are not so leveraged. In particular, any decrease
in the level of the underlying index will result in a significantly
greater decrease in the payment at maturity or upon redemption, and
an investor will suffer losses on an investment in the ETNs
substantially greater than an investor would if the ETNs did not
contain a leverage component.
A 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 will not receive
any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: You must redeem at least 25,000
ETNs of the same series 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 MSCI indexes are the exclusive property of MSCI, Inc.
("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI
or its affiliates and have been licensed for use for certain
purposes by Barclays Bank PLC. The financial securities referred to
herein are not sponsored, endorsed, or promoted by MSCI, and MSCI
bears no liability with respect to any such financial securities.
The relevant pricing supplement contains a more detailed
description of the limited relationship MSCI has with Barclays Bank
PLC and any related financial securities. No purchaser, seller or
holder of this product, or any other person or entity, should use
or refer to any MSCI trade name, trademark or service mark to
sponsor, endorse, market or promote this product without first
contacting MSCI to determine whether MSCI's permission is required.
Under no circumstances may any person or entity claim any
affiliation with MSCI without the prior written permission of
MSCI.
© 2017 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
Barclays is a transatlantic consumer, corporate and
investment 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 120,000 people. Barclays moves, lends, invests and
protects money for customers and clients worldwide. For further
information about Barclays, please visit our website
home.barclays
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version on businesswire.com: http://www.businesswire.com/news/home/20170609005446/en/
Press:Barclays Bank PLCAndrew Smith,
+1-212-412-7521andrew.x.smith@barclays.com
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