Barclays Bank PLC (“Barclays”) announced a waiver to the minimum
early redemption size on the iPath® MSCI India Index
Exchange-Traded Notes (the “ETNs”).
Currently note holders are required to redeem at least 50,000
ETNs at one time in order to exercise the right to redeem the ETNs
directly with the issuer. Barclays will waive the minimum early
redemption size so that note holders may exercise their right to
redeem the ETNs on the redemption date corresponding to each such
valuation date with no minimum amount.
This change will be effective after the close of trading on
September 28, 2017 and will be effective unless modified 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.
The obligation of Barclays to accept any early redemption of
ETNs 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 the ETNs can be found on EDGAR, the
SEC website at: www.sec.gov, as well as on the product website at
http://www.ipathetn.com/INPprospectus.
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 contact the Barclays ETN desk at
1-212-528-7990.
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 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.
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.
Governmental Actions: SEBI may at any time implement
changes to the regulation of certain types of instruments linked to
the equity securities of Indian companies. If future legislation or
policies implemented by the Indian government, including SEBI,
affects issuance or sale of the ETNs or our hedging with respect to
the ETNs, the market for the ETNs could be further adversely
affected.
No Interest Payments from the ETNs: You will not receive
any interest payments on the ETNs.
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.
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. and Indian 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.
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 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 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 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/20170928006392/en/
For Barclays Bank PLCAndrew Smith,
+1-212-412-7521andrew.x.smith@barclays.com
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