Barclays Bank PLC (“Barclays”) announced today that it plans to
delist from the NYSE Arca exchange and suspend sales from inventory
and further issuances of 16 series of exchange-traded notes,
effective after the close of trading on April 12, 2018 (the
“Delisting Date”). Barclays also announced that it plans to redeem
in full 18 other series of exchange-traded notes on April 12, 2018
(the “Redemption Date”).
The ETNs that Barclays plans to delist currently trade on NYSE
Arca under the ticker symbols listed in the table below. After
the close of trading on the Delisting Date, Barclays plans to
suspend, until further notice, any further sales from inventory and
any further issuances of each series of the ETNs to be
delisted.
ETN Name
ETN Ticker
Underlying Index Name
Index Ticker
iPath® MSCI India Index ETN INP MSCI India Total
Return Index NDEUSIA iPath® Asian and Gulf Currency
Revaluation ETN PGD Barclays GEMS Pegged Currency
IndexTM BXIIGEMP iPath® CBOE S&P 500 BuyWrite IndexSM
ETN BWV CBOE S&P 500 BuyWrite IndexSM BXM
iPath® EUR/USD Exchange Rate ETN ERO EUR/USD Exchange
Rate
EURUSDWMCO
iPath® GBP/USD Exchange Rate ETN GBB GBP/USD Exchange
Rate
GBPUSDWMCO
iPath® GEMS Asia 8 ETN AYT Barclays GEMS Asia 8
IndexTM BXIIGMA8 iPath® GEMS IndexTM ETN JEM
Barclays Global Emerging Markets Strategy (GEMS) IndexTM
BXIIGEM1 iPath® Global Carbon ETN GRN Barclays Global
Carbon II TR USD Index BXIIGC2T iPath® Inverse S&P 500
VIX Short-Term FuturesTM ETN XXV S&P 500® VIX
Short-Term Futures Index ER SPVXSP iPath® JPY/USD Exchange
Rate ETN JYN JPY/USD Exchange Rate
JPYUSDWMCO
iPath® Long Enhanced MSCI EAFE® Index ETN MFLA MSCI
EAFE® Net TR Index NDDUEAFE iPath® Long Enhanced MSCI EM
Index ETN EMLB MSCI Emerging Markets NetTR Index
NDUEEGF iPath® Long Extended Russell 1000® TR Index ETN
ROLA Russell 1000® TR Index RU10INTR iPath®
Long Extended Russell 2000® TR Index ETN RTLA Russell
2000® TR Index RU20INTR iPath® Long Extended S&P 500® TR
Index ETN SFLA S&P 500® TR Index SPTR
iPath® Optimized Currency Carry ETN ICI Barclays
Optimized Currency Carry IndexTM BXIICIIP
Following the delisting, these ETNs will remain outstanding,
though they will no longer be listed for trading on any national
securities exchange. At such point, these ETNs may trade, if at
all, on an over-the-counter basis, the secondary market for these
ETNs may experience a significant drop in liquidity, and holders of
these ETNs may not be able to trade or sell them easily.
The ETNs that Barclays plans to redeem pursuant to their terms
currently trade on NYSE Arca under the ticker symbols listed in the
table below.
ETN Name
ETN Ticker
Underlying Index Name
Index Ticker
iPath® Pure Beta Agriculture ETN DIRT Barclays
Commodity Index Agriculture Pure Beta TR BCC1AGPT iPath®
Pure Beta Aluminum ETN FOIL Barclays Aluminum Pure
Beta TR Index BCC2LAPT iPath® Pure Beta Cocoa ETN
CHOC Barclays Cocoa Pure Beta TR Index BCC2CCPT
iPath® Pure Beta Coffee ETN CAFE Barclays Coffee Pure
Beta TR Index BCC2KCPT iPath® Pure Beta Copper ETN
CUPM Barclays Copper Pure Beta TR Index BCC2LPPT
iPath® Pure Beta Cotton ETN CTNN Barclays Cotton Pure
Beta TR Index BCC2CTPT iPath® Pure Beta Energy ETN
ONG Barclays Commodity Index Energy Pure Beta TR
BCC1ENPT iPath® Pure Beta Grains ETN WEET Barclays
Commodity Index Grains & Oilseeds Pure Beta TR BCC1GRPT
iPath® Pure Beta Industrial Metals ETN HEVY Barclays
Commodity Index Industrial Metals Pure Beta TR BCC1IMPT
iPath® Pure Beta Lead ETN LEDD Barclays Lead Pure
Beta TR Index BCC2LLPT iPath® Pure Beta Livestock ETN
LSTK Barclays Commodity Index Livestock Pure Beta TR
BCC1LSPT iPath® Pure Beta Nickel ETN NINI Barclays
Nickel Pure Beta TR Index BCC2LNPT iPath® Pure Beta Precious
Metals ETN BLNG Barclays Commodity Index Precious
Metals Pure Beta TR BCC1PMPT iPath® Pure Beta Softs ETN
GRWN Barclays Commodity Index Softs Pure Beta TR
BCC1SFPT iPath® Pure Beta Sugar ETN SGAR
Barclays Sugar Pure Beta TR Index BCC2SBPT iPath® Pure Beta
S&P GSCI®-Weighted ETN SBV Barclays Pure Beta
Series-2 TR Index BCC2C1PT iPath® Seasonal Natural Gas ETN
DCNG Barclays Natural Gas Seasonal TR Index
BCC2NGST iPath® Inverse S&P 500 VIX Short-Term FuturesTM ETN
(II) IVOP S&P 500 VIX Short-Term FuturesTM Index
ER SPVXSP
As described in the prospectus for each series of ETNs listed
above, Barclays, as issuer of the ETNs, may redeem the ETNs in its
sole discretion on any trading day on or after the inception date
until maturity. Barclays anticipates that the redemption date of
the ETNs will be April 12, 2018. Based on that redemption date,
holders of each affected series of ETNs on the redemption date will
receive a cash payment per ETN in an amount equal to the closing
indicative note value or closing indicative value of that series of
ETNs on April 5, 2018, which is the fifth business day prior to the
redemption date.
For more information regarding the issuer redemption, including
how the redemption value is determined, please see the prospectus
relating to each affected series of ETNs under the headings
“Specific Terms of the ETNs—Payment Upon Holder Redemption and
Issuer Redemption” and “Specific Terms of the ETNs—Issuer
Redemption Procedures”.
The ETN holders’ option to require Barclays to repurchase the
ETNs will not be affected by the planned delisting or issuer
redemption. Currently, holders of the series of ETNs specified
herein are generally required to redeem a minimum number of ETNs of
the same series at one time in order to exercise the right to
redeem the ETNs directly with the issuer. Barclays will
temporarily waive the required minimum redemption size for each
series of ETNs specified herein to be delisted or redeemed. The
waiver will be irrevocable and effective after the close of trading
on January 17, 2018 until (i) in the case of each series of ETNs to
be delisted, the earlier of (A) the maturity date of the applicable
series of ETNs and (B) January 19, 2021, unless extended by
Barclays at its sole discretion, or (ii) in the case of each series
of ETNs to be redeemed, the Redemption Date. Any future
modification, including extending the term of the waiver or
temporarily or permanently reducing, waiving or otherwise modifying
the minimum redemption size, will be applied on a consistent basis
for all holders of that series of ETNs at the time such
modification becomes effective. Barclays has previously waived or
reduced minimum redemption sizes for certain of the ETNs it plans
to delist, all of which waivers or reductions are still in effect.
Please refer to the associate press release on December 21, 2017
for more details.
Holders of ETNs to be delisted are not required to take any of
the actions discussed in this announcement and may choose to
continue to hold their ETNs till the respective maturity date of
each series of the ETNs.
Holders of ETNs subject to issuer redemption may choose to
continue to hold their ETNs until the Redemption Date or choose to
sell/redeem their ETNs at a suitable time prior to that.
Any redemption of Existing ETNs is subject to the conditions and
procedures described in the prospectus for the relevant series of
ETNs and will be valued using the applicable daily redemption
value, closing indicative value or closing indicative note value on
the valuation date for the transaction, in each case in accordance
with the prospectus for the relevant series of ETNs. The procedures
for redemption 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.
Anyone considering investing in the ETNs or continuing to hold
the ETNs should consider the risks described in the prospectus for
the relevant series of ETNs when making an investment decision and
consult with their broker or financial adviser to evaluate their
investment in 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. 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 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:
ETNs to be
Delisted
ETNs to be
Redeemed
http://www.ipathetn.com/INPprospectus
http://www.ipathetn.com/DIRTprospectus
http://www.ipathetn.com/PGDprospectus
http://www.ipathetn.com/FOILprospectus
http://www.ipathetn.com/BWVprospectus
http://www.ipathetn.com/CHOCprospectus
http://www.ipathetn.com/EROprospectus
http://www.ipathetn.com/CAFEprospectus
http://www.ipathetn.com/GBBprospectus
http://www.ipathetn.com/CUPMprospectus
http://www.ipathetn.com/AYTprospectus
http://www.ipathetn.com/CTNNprospectus
http://www.ipathetn.com/JEMprospectus
http://www.ipathetn.com/ONGprospectus
http://www.ipathetn.com/GRNprospectus
http://www.ipathetn.com/WEETprospectus
http://www.ipathetn.com/XXVprospectus
http://www.ipathetn.com/HEVYprospectus
http://www.ipathetn.com/JYNprospectus
http://www.ipathetn.com/LEDDprospectus
http://www.ipathetn.com/MFLAprospectus
http://www.ipathetn.com/LSTKprospectus
http://www.ipathetn.com/EMLBprospectus
http://www.ipathetn.com/NINIprospectus
http://www.ipathetn.com/ROLAprospectus
http://www.ipathetn.com/BLNGprospectus
http://www.ipathetn.com/RTLAprospectus
http://www.ipathetn.com/GRWNprospectus
http://www.ipathetn.com/SFLAprospectus
http://www.ipathetn.com/SGARprospectus
http://www.ipathetn.com/ICIprospectus
http://www.ipathetn.com/SBVprospectus
http://www.ipathetn.com/DCNGprospectus
http://www.ipathetn.com/IVOPprospectus
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 etndesk@barclays.com or
alternatively, your broker/custodian can call us at:
1-212-528-7990.
Selected Risk Considerations
An investment in the 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 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.
Issuer Redemption: If specified in the applicable
prospectus, 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.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are currently 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, your right to redeem your ETNs on any redemption
date may be subject to a requirement that you redeem a certain
minimum number of ETNs of the same series. 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. 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 500 Indices and the S&P 500 VIX Futures Indices
are products of S&P Dow Jones Indices LLC (“SPDJI”). S&P®,
S&P 500® and “S&P 500 VIX Short-Term FuturesTM” are
trademarks of Standard & Poor’s Financial Services LLC
(“SPFS”). VIX® is a registered trademark of Chicago Board
Options Exchange, Incorporated (“CBOE”). These trademarks have been
licensed to SPDJI and its affiliates, and sublicensed to Barclays
Bank PLC for certain purposes. The ETNs are not sponsored,
endorsed, sold or promoted by SPDJI, SPFS, CBOE 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
any of the S&P 500 Indices or S&P 500 VIX Futures Indices
to track general market performance.
The S&P GSCI TR Index and the S&P GSCI Crude Oil TR
Index (the “S&P GSCI Indices”) are products of SPDJI, and have
been licensed for use by Barclays Bank PLC. S&P® and
GSCI® are registered trademarks of 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 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.
The CBOE S&P 500 BuyWrite IndexSM (the “Index”) is a product
of CBOE. CBOE® and BuyWriteTM are trademarks of CBOE.
S&P® and S&P 500® are trademarks of SPFS. The
Index and the related trademarks have been licensed to SPDJI and
its affiliates, and sublicensed to Barclays Bank PLC for certain
purposes. The ETNs are not sponsored, endorsed, sold or promoted by
S&P Dow Jones Indices, CBOE, or any of their respective
affiliates. S&P Dow Jones Indices and CBOE do not make any
representation or warranty, express or implied, to the owners of
the securities or any member of the public regarding the
advisability of investing in securities generally or in the ETNs
particularly or the ability of the Index to track general market
performance.
“Russell 1000® Index”, “Russell 2000® Index” and
“Russell 3000® Index” are trademarks of Russell Investments
and have been licensed for use by Barclays Bank PLC. The ETNs are
not sponsored, endorsed, sold, or promoted by Russell Investments.
Russell Investments makes no 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 Russell Indices to
track general stock market performance or a segment of the
same.
MSCI and the MSCI Index names are servicemarks of MSCI or its
affiliates and have been licensed for use for certain purposes by
Barclays Bank PLC. The ETNs are not sponsored or endorsed by MSCI,
any affiliate of MSDCI or any other party involved in, or related
to, making or compiling any MSCI Index. The ETNs are not sold or
promoted by MSCI, any affiliate of MSCI or any other party involved
in, or related to, making or compiling any MSCI Index. The MSCI
Indices are the exclusive property of MSCI. Neither MSCI, any of
its affiliates, or any other party involved in, or related to,
making or compiling any MSCI Index makes 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 the
financial securities generally or in the ETNs particularly or the
ability of any MSCI Index to track corresponding stock market
performance.
The Barclays Pure Beta Commodity Indices, “Barclays Natural Gas
Seasonal TR Index”, “Barclays Global Carbon Index Total ReturnTM”,
“Barclays Optimized Currency Carry IndexTM”, “USD Optimized
Currency Carry IndexTM”, “Barclays Global Emerging Markets Strategy
(GEMS) Asia 8 IndexTM”, “Barclays Global Emerging Markets Strategy
(GEMS) Pegged Currency IndexTM” and “Barclays Global Emerging
Markets Strategy (GEMS) IndexTM” are trademarks of Barclays Bank
PLC.
© 2018 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 and wholesale bank with
global reach, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180111006204/en/
BarclaysAndrew Smith, +1
212-412-7521andrew.x.smith@barclays.com
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