On August 28, 2019, Barclays Bank PLC (“Barclays”) had announced
a 5 for 1 split of its iPath® Series B S&P GSCI® Crude Oil
Total Return Index Exchange Traded Notes (the “ETNs”) effective at
the open of trading on Thursday, September 12, 2019 (the
“Ex-Date”).
Barclays would like to clarify the dates in relation to this
Stock Split.
Record Date
Tuesday, 9/10/2019
Pay Date
Wednesday, 9/11/2019
Ex-Date
Thursday, 9/12/2019
ETN Name
Ticker
Exchange
CUSIP
iPath® Series B S&P GSCI®
Crude Oil TR Index ETN
OIL
NYSE Arca
06745R693
Barclays Bank PLC has the right (but no obligation) to initiate
such a split of the ETNs in its sole discretion. On August 29,
2019, the closing indicative value of the ETNs was $57.8817.
The closing indicative value of the ETNs on September 11, 2019
(the “Pay Date”) will be divided by five to determine the
split-adjusted closing indicative value of the ETNs. The number of
ETNs outstanding at the close of trading on the Pay Date
correspondingly will be multiplied by five to determine the
adjusted number of ETNs outstanding as of the Ex-Date. The holders
of the ETN as of September 10, 2019 (the “Record Date”) will see
this change reflected on the Pay Date. The split will be effective
on the Ex-Date at the open of trading on September 12, 2019, and
the ETNs will begin trading on NYSE Arca on a split-adjusted basis
on such date. The split-adjusted ETNs will have same CUSIP &
ISIN and will retain the same ticker symbol.
For more information regarding the split process, including how
the split-adjusted value is determined, see the pricing supplement
relating to the ETNs under the heading “Specific Terms of the
ETNs—Split or Reverse Split.” The pricing supplement 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
www.iPathETN.com/oilprospectus.
Barclays Bank PLC is the issuer of iPath® ETNs and Barclays
Capital Inc. is the issuer’s agent in the distribution. Please
contact Barclays for further questions:
Financial advisors: Directly contact Barclays at
etndesk@barclays.com or
1-212-528-7990 to obtain further information.
Individual investors: Instruct your
broker/advisor/custodian to email us at etndesk@barclays.com
or to call us at: 1-212-528-7990. You may call together with your
broker/advisor/custodian or have them speak to us on your
behalf.
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 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 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.
Market and Volatility Risk: The prices of physical
commodities, including the commodities underlying the index
components, can fluctuate widely due to supply and demand
disruptions in major producing or consuming regions. Additionally,
the market value of the ETNs may be influenced by many
unpredictable factors including changes in supply and demand
relationships, governmental policies and economic events.
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.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are listed on a U.S. national securities exchange, 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 5,000
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 product
prospectus.
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 Total Return Index and the 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 & Poor’s 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.
© 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190830005197/en/
Press: Andrew Smith +1 212 412 7521
andrew.x.smith@barclays.com
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