Barclays announced today that effective
Thursday, August 31, 2017 (the “Effective Date”), the definition of
Coupon Ex-Date for two Barclays MLP ETNs described below will be
amended. The ETNs trade on the NYSE Arca stock exchange under the
ticker symbols noted below.
ETN Name Ticker
Exchange iPath® S&P MLP ETN
(“IMLP ETNs”) IMLP
NYSE Arca Barclays ETN+ Select
MLP ETN (“ATMP ETNs”) ATMP NYSE Arca
Prior to the change described above being made, the Coupon
Ex-Date (as defined in the prospectus for each ETN) for the ATMP
ETNs and the IMLP ETNs meant the seventh index business day
following each coupon valuation date. Beginning on the Effective
Date, the Coupon Ex-Date for each of the ATMP ETNs and the IMLP
ETNs means the eighth index business day following each
coupon valuation date. This change will shorten the time period
between the Coupon Ex-Date and the Coupon Record Date to one index
business day from the current time period of two index business
days.
The next coupon valuation date for each of the ATMP ETNs and the
IMLP ETNs is November 15, 2017.
The change is being made in light of the SEC amendments to Rule
15c6-1(a) under the Securities Exchange Act of 1934 to shorten the
standard settlement cycle for securities trades from T+3 to T+2.
The amended rules will also shorten the time period for which
transactions in stocks shall be ex-dividend or ex-rights.
An investment in iPath ETNs involves significant risks and
may not be suitable for all investors. The ETNs are riskier than
ordinary unsecured debt securities and have no principal
protection. For more information on risks associated with the ETNs,
please see "Selected Risk Considerations" below and the risk
factors included in the relevant prospectus.
The ATMP ETNs are linked to the performance of the
Volume-Weighted Average Price (“VWAP”) of the Atlantic Trust Select
MLP Index (the “AT Index”). The AT Index is designed to provide
exposure to a basket of midstream US and Canadian master limited
partnerships, limited liability companies and corporations
(collectively, the “Index Constituents”) that trade on major US
exchanges, are classified in the GICS® Energy Sector or GICS® Gas
Utilities Industry according to the Global Industry Classification
Standard® (“GICS”) and meet certain eligibility criteria.
The AT Index Constituents are selected for inclusion in the
Index using the Atlantic Trust Select Master Limited Partnership
Strategy (the “Strategy”) developed by AT Investment
Advisers, Inc. (the “Index Selection Agent”). The Strategy
dynamically selects a basket of up to 100 Index Constituents based
on their long-term credit rating, the portion of their cash flow
driven by mid-stream operations and their size as measured by
free-float market capitalization and average daily trading value.
The Index Selection Agent provides the Index Constituents selected
by the Strategy to Barclays Bank PLC. The AT Index is administered,
calculated and published by Barclays Index Administration, a
distinct function within the Investment Bank of Barclays Bank PLC
(the “Index Sponsor”). The Index Sponsor has appointed a
third-party index calculation agent (currently Bloomberg Index
Services Limited) to calculate and maintain the AT Index.
About CIBC Atlantic Trust Private Wealth Management
CIBC Atlantic Trust Private Wealth Management is one of the
nation’s leading private wealth management firms, offering
integrated investment management and wealth strategies for high net
worth individuals, families, foundations and endowments. The firm
considers clients’ financial, trust, estate planning and
philanthropic needs in developing customized asset allocation and
investment management strategies. Experienced professionals deliver
proprietary investment offerings and a robust open architecture
platform of traditional and alternative managers. The firm has
achieved 41 straight quarters of growth coming from clients adding
assets to their existing accounts and from new business. CIBC
Atlantic Trust operates in 14 full-service locations throughout the
U.S., with $35.9 billion in assets under management as of June 30,
2017. For more information, visit www.cibcatlantictrust.com.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 11 million personal banking, business, public sector and
institutional clients. Across Personal and Small Business Banking,
Commercial Banking and Wealth Management, and Capital Markets
businesses, CIBC offers a full range of advice, solutions and
services through its leading digital banking network, and locations
across Canada, in the United States and around the world. Ongoing
news releases and more information about CIBC can be found at
www.cibc.com/ca/media-centre or by following on LinkedIn
(www.linkedin.com/company/cibc), Twitter @CIBC, Facebook
(www.facebook.com/CIBC) and Instagram @CIBCNow.
The IMLP ETNs are linked to the performance of the consolidated
Volume-Weighted Average Price level of the S&P MLP Index (the
"SPMLP Index"), and are designed to pay a quarterly coupon. The
SPMLP Index is designed to provide exposure to leading partnerships
that trade on major US exchanges and are classified in the GICS®
Energy Sector and GICS® Gas Utilities Industry. The SPMLP Index
includes both master limited partnerships and publicly traded
limited liability companies which have a similar legal structure to
MLPs and share the same tax benefits as MLPs.
For further information, please instruct your
broker/advisor/custodian to email us at etndesk@barclays.com or
alternatively, your broker/custodian can call us at:
1-212-528-7990.
The prospectus for each ETN to which this communication relates
can be found at:
http://www.etnplus.com/atmpprospectushttp://www.ipathetn.com/imlpprospectus
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. 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: Barclays Bank PLC will have the right
to redeem or “call” the 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.
The Payment on the ETNs is Linked to the VWAP Level, Not to
the Closing Level of the Underlying Index and Not to the Published
Intraday Indicative Value of the ETNs: Your payment at maturity
or upon early redemption is linked to the performance of the VWAP
level of the relevant underlying index, as compared to the initial
VWAP level. Although the VWAP level is intended to track the
performance of the relevant underlying index, the calculation of
the VWAP level is different from the calculation of the official
closing level of the relevant underlying index. Therefore, the
payment at maturity or early redemption of your ETNs, may be
different from the payment you would receive if such payment were
determined by reference to the official closing level of the
underlying index for the relevant ETN.
No Guaranteed Coupon Payments: You are not guaranteed to
receive coupon payments on the ETNs. You will receive a coupon
payment on a coupon payment date only to the extent that the
accrued dividend exceeds the accrued investor fee on the relevant
coupon valuation date. The amount of the accrued dividend on any
coupon valuation date depends in part on the aggregate cash value
of distributions that a reference holder would have been entitled
to receive in respect of the index constituents prior to the
relevant coupon valuation date.
Market and Volatility Risk: The return on each ETN is
linked to the performance of the VWAP level of its underlying index
which, in turn, is linked to the performance of the master limited
partnerships and other securities that are included as index
constituents at any time. The prices of the index constituents may
change unpredictably and, as a result, affect the level of the
relevant underlying index and the value of the ETNs in
unforeseeable ways.
Concentration Risk: The index constituents are companies
in the Energy Sector or Gas Utilities Sector, as determined by the
GICS® classification system. In addition, many of the index
constituents are smaller, non-diversified businesses that are
exposed to the risks associated with such businesses, including the
lack of capital funding to sustain or grow businesses and potential
competition from larger, better financed and more diversified
businesses. The ETNs are susceptible to general market fluctuations
in the energy and gas MLP market and to volatile increases and
decreases in value, as market confidence in, and perceptions
regarding the index constituents change. Your investment may
therefore carry risks similar to a concentrated securities
investment in one industry or sector.
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 may 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 50,000
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.
Tax Treatment: Significant aspects of the tax treatment
of the ETNs may be less favorable than a direct investment in MLPs
and 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. Commissions may apply and there are tax
consequences in the event of sale, redemption or maturity of
ETNs.
Atlantic Trust Select MLP Index is a trademark of Barclays Bank
PLC.
The S&P MLP Index (the “Index”) is a product of S&P Dow
Jones Indices LLC and has been licensed for use by Barclays Bank
PLC. The IMLP ETNs are not sponsored, endorsed, sold or promoted by
S&P Dow Jones Indices LLC or any of its 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 IMLP ETNs particularly or the ability of the SPMLP Index to
track general market performance.
Bloomberg Index Services Limited is the official index
calculation and maintenance agent of the AT Index, an index owned
and administered by Barclays Bank PLC. Bloomberg Index Services
Limited does not guarantee the timeliness, accurateness, or
completeness of the AT Index calculations or any data or
information relating to the AT Index. Bloomberg Index Services
Limited makes no warranty, express or implied, as to the AT Index
or any data or values relating thereto or results to be obtained
therefrom, and expressly disclaims all warranties of
merchantability and fitness for a particular purpose with respect
thereto. To the maximum extent allowed by law, Bloomberg Index
Services Limited, its affiliates, and all of their respective
partners, employees, subcontractors, agents, suppliers and vendors
(collectively, the “protected parties”) shall have no liability or
responsibility, contingent or otherwise, for any injury or damages,
whether caused by the negligence of a protected party or otherwise,
arising in connection with the calculation of the AT Index or any
data or values included therein or in connection therewith and
shall not be liable for any lost profits, losses, punitive,
incidental or consequential damages.
© 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 85,000 people. Barclays moves, lends, invests and
protects money for customers and clients worldwide.
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version on businesswire.com: http://www.businesswire.com/news/home/20170831006398/en/
Barclays Bank PLCAndrew Smith, +1
212-412-7521andrew.x.smith@barclays.com
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