CIBC Atlas Select MLP Index used as underlying index in the
Barclays ETN+ Select MLP ETNs (ticker: ATMP)
Barclays Bank PLC announced today that during the Index
rebalance that commences following the close of business on Friday,
July 13, 2018, the following index constituent will be added to the
CIBC Atlas Select MLP Index (the “Index”):
- Enable Midstream Partners, LP (NYSE:
ENBL);
The Barclays ETN+ Select MLP ETNs are linked to the performance
of the Volume-Weighted Average Price (“VWAP”) of the Index. The
ETNs were listed on the NYSE Arca stock exchange in March 2013
under the ticker symbol ATMP. An investment in the ETNs involves
significant risks, including possible loss of principal, and may
not be suitable for all investors. The ETNs are riskier than
ordinary unsecured debt securities and have no principal
protection. The ETNs are speculative and may exhibit high
volatility. The ETNs are also subject to certain investor fees,
which will have a negative effect on the value of the ETNs. 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.
In accordance with the Index methodology as described in the
prospectus relating to the ETNs, the Index is rebalanced quarterly.
The Index currently includes 28 constituents, and cash. The index
constituents will be rebalanced on a capped, float-adjusted,
capitalization-weighted basis across four index business days
starting on Friday, July 13, 2018. Constituent additions to and
deletions from the Index do not reflect an opinion by Barclays Bank
PLC on the investment merits of the respective securities.
The target weights for the top Limited Partnership (“LP”) and
General Partnership (“GP”) index constituents, effective after the
rebalance that commences on Friday, July 13, 2018, are reported in
the table below. For more information regarding how an Index
constituent is classified as a LP or a GP, please see the
prospectus relating to the ETNs.
LIMITED PARTNERSHIPS GENERAL PARTNERSHIPS
Ticker Company
TargetWeight Ticker Company
TargetWeight EPD Enterprise Products Partners
8.00 % ENB Enbridge Inc. 4.00 % ETP Energy Transfer Partners LP
8.00 % KMI Kinder Morgan Inc. 4.00 % MMP Magellan Midstream
Partners 8.00 % OKE Oneok Inc. 4.00 % WPZ Williams Partners LP 7.45
% ETE Energy Transfer Equity LP 4.00 % PAA Plains All American
Pipeline LP 7.37 % TRP Transcanada Corp. 4.00 % MPLX MPLX LP 6.98 %
WMB Williams Cos Inc. 4.00 %
The CIBC Atlas Select MLP 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 Index Constituents are selected for inclusion in the Index
using the CIBC Atlas Select Master Limited Partnership Strategy
(the “Strategy”) developed by CIBC Private Wealth Advisors,
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 “Index Sponsor”).
For further information, please contact the Barclays ETN desk at
1-212-528-7990.
The prospectus for the ETNs to which this communication relates
can be found at:www.etnplus.com/atmpprospectus
About CIBC Private Wealth Management
CIBC Private Wealth Management serves as a trusted advisor to
private clients and select foundations and endowments, with
approximately $52 billion in assets under management and
administration (as of March 31, 2018) and offices in 19 locations
across the U.S. Affluent individuals and families turn to CIBC
Private Wealth Management for a long-term, trusted partner that can
serve all of their investment, estate, trust and legacy planning,
as well as private banking needs met by CIBC Bank USA. For more
information, visit us.cibc.com/private-wealth.
About CIBC
CIBC (NYSE: CM) (TSX: CM) strives to build trusting and enduring
relationships by putting our clients at the center of all we do.
Through CIBC Bank USA, we offer tailored commercial, wealth
management, personal and small business financial solutions. CIBC
is a 150-year-old Toronto-based, global financial institution with
our U.S. headquarters in Chicago. Visit us at cibc.com/US.
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
80,000 people. Barclays moves, lends, invests and protects money
for customers and clients worldwide.
For further information about Barclays, please visit our website
home.barclays
Selected Risk Considerations
An investment in any ETNs linked to the CIBC Atlas Select MLP
Index (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 Volume Weighted Average Price
(“VWAP”) level between the inception date and the applicable
valuation date. Additionally, if the VWAP level 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 VWAP value 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 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, as
compared to the initial VWAP level. Although the VWAP level is
intended to track the performance of the Index, the calculation of
the VWAP level is different from the calculation of the official
closing level of the 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 Index.
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 the ETNs is
linked to the performance of the VWAP level of the 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
Index and the value of your 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.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: You must redeem at least 50,000
ETNs 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.
CIBC Atlas Select MLP Index is a trademark of Barclays Bank
PLC.
©2018 Barclays Bank PLC. All rights reserved. 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
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version on businesswire.com: https://www.businesswire.com/news/home/20180710006024/en/
Barclays Bank PLCPress:Brittany Berliner,
+1-212-526-4894Brittany.Berliner@barclays.com
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