On February 28, 2020, Barclays
had previously announced via press release (the “Prior Press
Release”) a reverse split (the “Reverse Split”) of its iPath US
Treasury 10-year Bear ETN (Ticker: DTYS)(“DTYS ETNs”), iPath US
Treasury Long Bond Bear ETN (Ticker: DLBS)(“DLBS ETNs”) and
Barclays Inverse US Treasury Composite ETN (Ticker: TAPR)(“TAPR
ETNs”). The terms of the Reverse Split are being updated as set
forth below and supersedes the terms set forth under the Prior
Press Release in all respects.
Barclays will implement a 1
for 25 reverse split of its DTYS ETNs, a 1 for 75 reverse split of
its DLBS ETNs and a 1 for 15 reverse split of its TAPR ETNs
effective at the open of trading on Monday, March 16, 2020. The
ETNs currently trade on the CBOE BZX Exchange (“Cboe”). The DTYS
ETNs, DLBS ETNs and TAPR ETNs are collectively referred to herein
as the “ETNs.”
Barclays Bank PLC has the right (but no obligation) to initiate
a reverse split of each series of ETNs if the closing indicative
value of the ETNs falls below $25.00 on any business day, as
described in the pricing supplement relating to the ETNs. On
February 27, 2020, the closing indicative value of these ETNs were
as follows:
ETN Name
Ticker
CINV
CUSIP
Ratio
iPath® US Treasury 10-year Bear
ETNs
DTYS
$ 4.8393
06740L451
25:1
iPath® US Treasury Long Bond Bear
ETNs
DLBS
$ 2.8478
06740L444
75:1
Barclays Inverse US Treasury
Composite ETNs
TAPR
$ 7.7849
06742W570
15:1
The closing indicative value of the ETNs on March 13, 2020 will
be multiplied by 25 for the DTYS ETNs, 75 for the DLBS ETNs and 15
for the TAPR ETNs to determine the reverse-split adjusted closing
indicative value of the ETNs. The reverse split will be effective
at the open of trading on March 16, 2020, and the ETNs will begin
trading on the Cboe on a reverse-split adjusted basis on such date.
The reverse-split adjusted ETNs will have a new CUSIP, but will
retain the same ticker symbol.
Investors who hold a number of ETNs that is not divisible by 25
with respect to the DTYS ETNs, 75 with respect to the DLBS ETNs and
15 with respect to the TAPR ETNs, as of the close of business on
March 13, 2020, will receive one reverse-split adjusted ETN for
every 25 ETNs (with respect to the DTYS ETNs), 75 ETNs (with
respect to the DLBS ETNs) and 15 ETNs (with respect to the TAPR
ETNs) held on March 16, 2020 and a cash payment for any odd number
of ETNs remaining (the “partials”). The cash amount due on any
partials will be determined on March 20, 2020, based on the closing
indicative value of the reverse-split adjusted ETNs on such date.
This amount will be paid by Barclays Bank PLC on March 25,
2020.
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 prospectus for the ETNs to which this communication relates
can be found at:
http://ipathetn.com/dtysprospectus
http://ipathetn.com/dlbsprospectus
http://ipathetn.com/taprprospectus
Barclays 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 in together with your broker/advisor/custodian or
have them speak to us on your behalf.
About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group.
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 applicable 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.
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. stock markets or the U.S. Treasury market, 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.
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: Except with respect to the
circumstances described above or as otherwise specified in the
applicable product prospectus, you must redeem at least the minimum
number of ETNs specified in the applicable product prospectus 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.
© 2020 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/20200302006022/en/
Press Contact: Ann Thielke +1 212 526 1472
Ann.Thielke@barclays.com
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