Barclays Bank PLC (“Barclays”) announced today that it
will exercise its issuer call option and redeem in full each series
of iPath® ETNs (the “ETNs”) listed in the table below on
December 28, 2022 (the “Redemption Date”).
Name of ETN
Ticker
Exchange
CUSIP
Pacer® iPath® Gold ETN
GBUG
NYSE Arca
06747D809
iPath® Silver ETN
SBUG
NYSE Arca
06747D700
Pacer® iPath® Gold Trendpilot ETN
PBUG
NYSE Arca
06747T382
iPath® S&P MLP ETN
IMLP
CBOE BZX
06742A750
iPath® Women in Leadership ETN
WIL
CBOE BZX
06742W430
iPath® Return on Disability ETN
RODI
CBOE BZX
06740D830
As described in the prospectus for each series of ETNs listed
above, Barclays, as issuer of the ETNs, may redeem the ETNs in its
sole discretion on any trading day on or after the inception date
until maturity. Holders of such ETNs on the Redemption Date will
receive a cash payment per ETN equal to the closing indicative
value of the ETNs (as defined in the prospectus relating to the
ETNs) on December 20, 2022 (the “Valuation Date”), the fifth
business day prior to the Redemption Date, except that in the case
of the iPath® S&P MLP ETN, holders of such ETN on the
Redemption Date will receive a cash payment per ETN equal to the
closing indicative value of the ETNs on the Valuation Date of
December 14, 2022 (which will reflect the applicable closing VWAP
level calculated by reference to the arithmetic mean of the VWAP
levels of the underlying index as of the close of trading on each
of the five index business days from and including such Valuation
Date). Trading of the ETNs will be suspended before the market open
on December 15, 2022, in the case of the iPath® S&P MLP ETN, or
on December 21, 2022, in the case of each other series of ETNs.
For more information regarding the issuer redemption, including
how the redemption value is determined, please see the prospectus
relating to each affected series of ETNs under the headings
“Specific Terms of the ETNs—Payment Upon Holder Redemption and
Issuer Redemption” and “Specific Terms of the ETNs—Early Redemption
Procedures—Issuer Redemption Procedures”.
Holders of ETNs subject to issuer redemption may choose to
continue to hold their ETNs until the Redemption Date or choose to
sell/redeem their ETNs at a suitable time prior to that. Any
redemption of ETNs is subject to the conditions and procedures
described in the prospectus for the relevant series of ETNs and
will be valued using the applicable closing indicative value on the
valuation date for the transaction, in each case in accordance with
the prospectus for the relevant series of ETNs. The procedures for
redemption 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.
Anyone considering investing in the ETNs or continuing to hold
the ETNs should consider the risks described in the prospectus for
the relevant series of ETNs when making an investment decision and
consult with their broker or financial adviser to evaluate their
investment in the ETNs.
The pricing supplement and prospectus relating to each series of
ETNs can be found on EDGAR, the SEC’s website at www.sec.gov, as
well as on the product website at the product page for each of the
ETNs listed in the tables above at ipathetn.barclays.
An investment in the ETNs involves significant risks and may
not be suitable for all investors. The ETNs are riskier than
ordinary unsecured debt securities and do not benefit from any
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 pricing supplement.
Barclays Bank is the issuer of the ETNs and Barclays Capital
Inc. is the issuer’s agent in the distribution. Please contact
Barclays Bank for further questions:
- Financial advisors: Directly contact Barclays Bank 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 customers and clients, and by
geography. Our businesses include consumer banking and payments
operations around the world, as well as a full-service corporate
and investment bank. For further information about Barclays, please
visit our website www.barclays.com.
Selected Risk Considerations
An investment in the 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 change in the level of the underlying index, or the Volume
Weighted Average Price (“VWAP”) level, in the case of the iPath®
S&P MLP ETN, between the inception date and the applicable
valuation date. Additionally, if the level of the underlying index
or 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
value of such index or the VWAP 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 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, if 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.
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 commodity markets, 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 as specified in the pricing supplement, you
must redeem at least the minimum number of ETNs specified in the
pricing supplement 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.
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.
© 2022 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
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version on businesswire.com: https://www.businesswire.com/news/home/20221205005813/en/
Matt Scully 212-526-7844 Matthew.Scully@Barclays.com
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