Sixth paragraph, third sentence of release dated March 6, 2020,
should read: In particular, investors who recently purchased DTYS
ETNs or DLBS ETNs on or about March 1, 2019 and up until and
including the record date for the reverse split, March 13, 2020...
(instead of: In particular, investors who recently purchased DTYS
ETNs or DLBS ETNs on or about March 1, 2019 and up until, but
excluding the record date for the reverse split, March 13,
2020...).
The corrected release reads:
BARCLAYS UPDATES ANNOUNCEMENT OF REVERSE
SPLIT OF THE IPATH US TREASURY 10-YEAR BEAR ETN (TICKER: DTYS),
IPATH US TREASURY LONG BOND BEAR ETN (TICKER: DLBS) AND BARCLAYS
INVERSE US TREASURY COMPOSITE ETN (TICKER: TAPR)
On February 28, 2020 and March 2, 2020, Barclays had previously
announced via press releases (the “Prior Press Releases”) a reverse
split (the “Reverse Split”) of its iPath® US Treasury 10-year Bear
ETNs (Ticker: DTYS) (“DTYS ETNs”), iPath® US Treasury Long Bond
Bear ETNs (Ticker: DLBS) (“DLBS ETNs”) and Barclays Inverse US
Treasury Composite ETNs (Ticker: TAPR) (“TAPR ETNs”):
As previously announced, 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 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 TAPR ETNs on any business day or a reverse split
of DTYS ETNs or DLBS ETNs if the closing indicative note value of
such ETNs falls below $25.00 on any business day, as described in
the pricing supplements relating to such ETNs. On March 5, 2020,
the closing indicative note values of these ETNs were as
follows:
ETN Name
Ticker
CINV
CUSIP
Ratio
iPath® US Treasury 10-year Bear ETNs
DTYS
$ 2.7019
06740L451
25:1
iPath® US Treasury Long Bond Bear ETNs
DLBS
$ 1.1581
06740L444
75:1
Barclays Inverse US Treasury Composite
ETNs
TAPR
$ 6.8709
06742W570
15:1
The closing indicative note 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 note values of the ETNs. The reverse split will
be effective at the open of trading on March 16, 2020. On March 6,
2020, Barclays received a notice from CBOE of its plan to suspend
trading and commence delisting proceedings in the DLBS ETNs. If the
ETNs (including the DLBS ETNs) have not been delisted by CBOE by
March 16, 2020, they will begin trading on CBOE on a reverse-split
adjusted basis on such date. Please see the announcement by
Barclays via press releases on March 5, 2020 and March 6, 2020 for
more information with respect to delisting of the ETNs by CBOE. The
reverse split will proceed as outlined herein regardless of whether
the closing indicative note value of any of these ETNs falls to $0
on or before March 16, 2020. If the closing indicative note value
of any ETN is $0 or a negative value on March 13, 2020, the closing
indicative note value of that ETN immediately following the reverse
split will be reported on Bloomberg as $0. The reverse-split
adjusted ETNs will each have a new CUSIP, but will retain the same
ticker symbol.
As disclosed in the pricing supplements for DTYS ETNs and DLBS
ETNs, the index multiplier for these two ETNs is -$0.10, and it
will remain at -$0.10 following the reverse split. As a result,
following the reverse split, the payment on these two ETNs will
continue to be based on a participation rate of $0.10 per ETN gain
or loss for each 1.00 point decrease or increase, respectively, in
the level of the index underlying the relevant ETNs, as increased
by the daily interest and decreased by certain costs and fees. The
effect of the reverse split for these two ETNs will be to decrease
investors’ exposure to the index underlying the relevant ETNs
relative to the exposure immediately prior to the reverse split.
Due to the deleveraging effect of the reverse split for these two
ETNs, the return of the ETNs will be affected and, depending on
market developments, may be lower, perhaps significantly lower,
than if no such reverse split had been effected.
The ETNs are not designed to be long-term investments and are
not designed to be used by and may not be appropriate for investors
who do not intend to regularly monitor their investment in the ETNs
to ensure that it remains consistent with their market views and
investment strategies. The ETNs may not be suitable for all
investors and should be used only by investors with the
sophistication and knowledge to understand the risks inherent in
ETNs (including the nature of the exposure to the underlying index
that the ETNs provide), the Index and the futures contracts that
the relevant Index tracks, as well as the potential adverse
consequences of seeking short investment results. In particular,
investors who recently purchased DTYS ETNs or DLBS ETNs on or about
March 1, 2019 and up until and including the record date for the
reverse split, March 13, 2020, will experience a significant
decrease in their exposure to the index underlying DTYS ETNs or
DLBS ETNs, as applicable, relative to the exposure applicable at
the time of their purchase. Investors should consult with their
broker or financial advisor and evaluate their investment in these
two ETNs to ensure that their investment following the reverse
split remains consistent with their desired level of exposure to
the index underlying the relevant ETNs.
Subject to the notification requirements set forth in the
pricing supplements relating to the ETNs, investors may redeem
their ETNs for a cash payment per ETN equal to the closing
indicative note value on the applicable valuation date. Barclays
has waived the minimum redemption amount so that investors may
exercise their right to redeem their ETNs on any redemption date
with no minimum amount, including any redemption date before the
reverse split becomes effective on March 16, 2020. Barclays’ waiver
of the minimum redemption amount will be available to any and all
holders of the ETNs on such redemption dates and will remain in
effect until maturity or unless Barclays announces otherwise.
Barclays may, at any time and in its sole discretion, make further
modifications to the minimum redemption amount, including, among
others, to reinstate the minimum redemption amount of 20,000 ETNs
for all redemption dates after such further modification. Any such
modification will be applied on a consistent basis for all holders
of the ETNs at the time such modification becomes effective.
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 note 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 prospectuses 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/20200306005557/en/
Danielle Popper +1 212 526 5963 Danielle.Popper@barclays.com
Barclays (NYSE:BCS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Sep 2023 to Sep 2024