Barclays Bank PLC (“Barclays”) announced today that it
will exercise its issuer call option and redeem in full each of the
21 series of iPath® ETNs (the “ETNs”) listed in the table
below on June 14, 2023 (the “Redemption Date”).
Name of ETN
Ticker
Exchange
CUSIP
iPath® Pure Beta Crude Oil ETN
OIL
NYSE Arca
06740P221
iPath® Pure Beta Broad Commodity ETN
BCM
NYSE Arca
06740P114
iPath® S&P GSCI® Total Return Index
ETN
GSP
NYSE Arca
06738C794
iPath® Bloomberg Cocoa Subindex Total
ReturnSM ETN
NIB
NYSE Arca
06739H313
iPath® Bloomberg Lead Subindex Total
ReturnSM ETN
LD
NYSE Arca
06739H263
iPath® Series B Bloomberg Natural Gas
Subindex Total ReturnSM ETN
GAZ
NYSE Arca
06745T368
iPath® Series B Bloomberg Energy Subindex
Total ReturnSM ETN
JJE
NYSE Arca
06746P530
iPath® Series B Bloomberg Copper Subindex
Total ReturnSM ETN
JJC
NYSE Arca
06746P555
iPath® Series B Bloomberg Coffee Subindex
Total ReturnSM ETN
JO
NYSE Arca
06746P563
iPath® Series B Bloomberg Grains Subindex
Total ReturnSM ETN
JJG
NYSE Arca
06746P522
iPath® Series B Bloomberg Nickel Subindex
Total ReturnSM ETN
JJN
NYSE Arca
06746P480
iPath® Series B Bloomberg Cotton Subindex
Total ReturnSM ETN
BAL
NYSE Arca
06746P548
iPath® Series B Bloomberg Tin Subindex
Total ReturnSM ETN
JJT
NYSE Arca
06746P431
iPath® Series B Bloomberg Sugar Subindex
Total ReturnSM ETN
SGG
NYSE Arca
06746P449
iPath® Series B Bloomberg Agriculture
Subindex Total ReturnSM ETN
JJA
NYSE Arca
06746P589
iPath® Series B Bloomberg Industrial
Metals Subindex Total ReturnSM ETN
JJM
NYSE Arca
06746P514
iPath® Series B Bloomberg Aluminum
Subindex Total ReturnSM ETN
JJU
NYSE Arca
06746P571
iPath® Series B Bloomberg Livestock
Subindex Total ReturnSM ETN
COW
NYSE Arca
06746P498
iPath® Series B Bloomberg Softs Subindex
Total ReturnSM ETN
JJS
NYSE Arca
06746P456
iPath® Series B Bloomberg Precious Metals
Subindex Total ReturnSM ETN
JJP
NYSE Arca
06746P464
iPath® Series B Bloomberg Platinum
Subindex Total ReturnSM ETN
PGM
NYSE Arca
06746P472
In addition, Barclays has announced that, effective immediately,
it is waiving in full the minimum redemption size relating to each
series of ETNs, and, subject to the conditions and procedures
described in the prospectus for the relevant series of ETNs,
holders of the ETNs can redeem their ETNs to Barclays with no
minimum number of ETNs.
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 business 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 applicable closing
indicative value or daily redemption value, as the case may be, of
the ETNs (each as defined in the prospectus relating to the ETNs)
on June 7, 2023 (the “Valuation Date”), the fifth trading
day prior to the Redemption Date (subject to postponement in the
event of a market disruption event). Trading of the ETNs will be
suspended before the market open on June 8, 2023.
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 heading
“Specific Terms of the ETNs”.
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, subject to
the paragraph below. 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 or daily redemption value, as the case may
be, 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.
As described in the prospectus for each series of ETNs, the
Valuation Date for the issuer redemption will be the “final
valuation date” for each series of ETNs. Therefore, no elections
for holder redemption having a valuation date on or after June 7,
2023 will be accepted by Barclays.
In addition, unless otherwise announced, Barclays intends to
continue to offer and sell the ETNs from its inventory through
Barclays Capital Inc., as agent, until and including the Valuation
Date. For more information, please see please see the prospectus
relating to each affected series of ETNs under the heading
“Supplemental Plan of Distribution”.
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 table 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 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 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 business 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.
Date Restrictions for Redemptions: 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.
© 2023 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/20230418005326/en/
Matt Scully +1 212 526 7844 Matthew.Scully@barclays.com
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