Barclays Bank PLC (“Barclays” or the “Issuer”) announced a
temporary reduction of the minimum early redemption size of certain
series of ETNs as specified in the table below (together, the
“ETNs”). Currently holders of the ETNs are required to redeem a
minimum number of ETNs, as specified below, at one time in order to
exercise the right to redeem the ETNs directly with the Issuer.
Barclays will temporarily reduce the required minimum early
redemption size for each series of ETNs as specified below so that
holders may redeem the ETNs of the relevant series on any
redemption date with the reduced minimum size.
These changes will be effective after the close of trading on
April 30, 2019 and will be effective for the next year ending on
and including April 30, 2020, unless extended by Barclays at its
sole discretion. Any such future modification will be applied on a
consistent basis for all holders of the ETNs at the time such
modification becomes effective.
Current minimum
Reduced minimum Underlying Index Underlying
Index
early redemption
early redemption
ETN Name ETN Ticker Name
Ticker
size (# of ETNs)
size (# of ETNs)
iPath® S&P GSCI™ Total Return Index S&P GSCI Total ETN
GSP Return Index SPGSCITR 30,000
5,000 iPath® Bloomberg Lead Bloomberg Lead Subindex Total Return
Subindex Total ETN LD Return BCOMPBTR
30,000 5,000 iPath® Bloomberg Cocoa Bloomberg Cocoa Subindex
Total Return Subindex Total ETN NIB Return
BCOMCCTR 30,000 5,000 iPath® Series B S&P GSCI™
Crude Oil S&P GSCI Crude Total Return Index Oil Total ETN
OIL Return SPGSCLTR 50,000 5,000
iPath® Series B Bloomberg Bloomberg Natural Gas Natural Gas
Subindex Total Return Subindex Total ETN GAZ Return
BCOMNGTR 50,000 5,000 iPath® Series B
Bloomberg Bloomberg Agriculture Agriculture Subindex Total Return
Subindex Total ETN JJA Return BCOMAGTR
50,000 5,000 iPath® Series B Bloomberg Bloomberg Aluminum
Aluminum Subindex Total Return Subindex Total ETN JJU
Return BCOMALTR 50,000 5,000 iPath® Series B
Bloomberg Coffee Bloomberg Coffee Subindex Total Return Subindex
Total ETN JO Return BCOMKCTR 50,000
5,000 iPath® Series B Bloomberg Copper Bloomberg Copper
Subindex Total Return Subindex Total ETN JJC Return
BCOMHGTR 50,000 5,000 iPath® Series B
Bloomberg Cotton Bloomberg Cotton Subindex Total Return Subindex
Total ETN BAL Return BCOMCTTR 50,000
5,000 iPath® Series B Bloomberg Energy Bloomberg Energy
Subindex Total Return Subindex Total ETN JJE Return
BCOMENTR 50,000 5,000 iPath® Series B
Bloomberg Grains Bloomberg Grains Subindex Total Return Subindex
Total ETN JJG Return BCOMGRTR 50,000
5,000 iPath® Series B Bloomberg Bloomberg Industrial
Industrial Metals Subindex Total Metals Subindex Return ETN
JJM Total Return BCOMINTR 50,000 5,000
iPath® Series B Bloomberg Bloomberg Livestock Livestock Subindex
Total Return Subindex Total ETN COW Return
BCOMLITR 50,000 5,000 iPath® Series B Bloomberg
Nickel Bloomberg Nickel Subindex Total Return Subindex Total ETN
JJN Return BCOMNITR 50,000 5,000
iPath® Series B Bloomberg Platinum Bloomberg Subindex Total Return
Platinum ETN PGM Subindex TR BCOMPLTR
50,000 5,000 iPath® Series B Bloomberg Bloomberg Precious
Precious Metals Metals Subindex Total Subindex Total Return ETN
JJP Return BCOMPRTR 50,000 5,000
iPath® Series B Bloomberg Softs Bloomberg Softs Subindex Total
Return Subindex Total ETN JJS Return BCOMSOTR
50,000 5,000 iPath® Series B Bloomberg Sugar
Bloomberg Sugar Subindex Total Return Subindex Total ETN SGG
Return BCOMSBTR 50,000 5,000 iPath®
Series B Bloomberg Tin Bloomberg Tin Subindex Total Return Subindex
Total ETN JJT Return BCOMSNTR 50,000
5,000 Barclays Capital iPath® Pure Beta Broad Commodity
Index Commodity ETN BCM Pure Beta TR BCC1C1PT
50,000 5,000 Barclays Capital WTI Crude Oil iPath®
Pure Beta Crude Pure Beta TR Oil ETN OLEM Index
BCC2CLPT 50,000 5,000
All of the ETNs trade on the NYSE Arca stock exchange.
The obligation of Barclays to accept any early redemption of
ETNs, including with the reduced minimum redemption size as
specified herein, is subject to the procedures set forth in the
section “Specific Terms of the ETNs—Early Redemption Procedures” in
the prospectus relating to the ETNs. These procedures 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.
The ETNs are riskier than ordinary unsecured debt securities and
have no principal protection. 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. An investment in the ETNs involves significant risks,
including possible loss of principal, and may not be suitable for
all investors.
The prospectus relating to each series of ETNs can be found on
EDGAR, the SEC website at: www.sec.gov, as well as on the product
website at the links listed below for the relevant series:
http://www.ipathetn.com/LDprospectushttp://www.ipathetn.com/NIBprospectushttp://www.ipathetn.com/GSPprospectushttp://www.ipathetn.com/BALprospectushttp://www.ipathetn.com/COWprospectushttp://www.ipathetn.com/JJAprospectushttp://www.ipathetn.com/JJCprospectushttp://www.ipathetn.com/JJEprospectushttp://www.ipathetn.com/JJGprospectushttp://www.ipathetn.com/JJMprospectushttp://www.ipathetn.com/JJNprospectushttp://www.ipathetn.com/JJPprospectushttp://www.ipathetn.com/JJSprospectushttp://www.ipathetn.com/JJTprospectushttp://www.ipathetn.com/JJUprospectushttp://www.ipathetn.com/JOprospectushttp://www.ipathetn.com/SGGprospectushttp://www.ipathetn.com/PGMprospectushttp://www.ipathetn.com/GAZprospectushttp://www.ipathetn.com/OILprospectushttp://www.ipathetn.com/BCMprospectushttp://www.ipathetn.com/OLEMprospectus
Barclays Bank PLC is the issuer of iPath® ETNs and Barclays
Capital Inc. is the issuer’s agent in the distribution.
For further information, please instruct your
broker/advisor/custodian to email us at etndesk@barclays.com or
alternatively, your broker/advisor/custodian can call us at:
1-212-528-7990.
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
83,500 people. Barclays moves, lends, invests and protects money
for customers and clients worldwide.
For further information about Barclays, please visit our website
www.barclays.com
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 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 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.
Issuer Redemption: If specified in the applicable
prospectus, Barclays Bank PLC will have the right to redeem or
"call" a series of 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.
Automatic Redemption: If specified in the applicable
prospectus, Barclays Bank PLC will automatically redeem a series of
ETNs (in whole only, but not in part) at the specified automatic
redemption value if, on any valuation date prior to or on the final
valuation date, the intraday indicative note value of the ETNs
becomes less than or equal to the applicable level specified in the
prospectus.
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, 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.
Concentration Risk: Because the ETNs are linked to an
index composed of futures contracts on a single commodity or in
only one commodity sector, the ETNs are less diversified than other
funds. The ETNs can therefore experience greater volatility than
other funds or investments.
Barclays Pure Beta Series 2 Methodology: The Barclays
Pure Beta Series 2 Methodology seeks to mitigate distortions in the
commodities markets associated with investment flows and supply and
demand distortions. However, there is no guarantee that the Pure
Beta Series 2 Methodology will succeed in these objectives and an
investment in the ETNs linked to indices using this methodology may
underperform compared to an investment in a traditional commodity
index linked to the same commodities.
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.
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 in the circumstances
described above, you must redeem at least the minimum number of
ETNs specified in the applicable 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 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. 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.
The "S&P GSCI® Index Total Return" and "S&P
GSCI® Crude Oil Total Return Index" (the "S&P GSCI
Indices") are products of S&P Dow Jones Indices LLC ("SPDJI"),
and have been licensed for use by Barclays Bank PLC.
S&P® and GSCI® are registered trademarks of
Standard & Poors Financial Services LLC ("SPFS"). These
trademarks have been licensed to SPDJI and its affiliates and
sublicensed to Barclays Bank PLC for certain purposes. The S&P
GSCI Indices are not owned, endorsed, or approved by or associated
with Goldman, Sachs & Co. or its affiliated companies. The
ETNs are not sponsored, endorsed, sold or promoted by SPDJI, SPFS,
or any of their respective affiliates (collectively, "S&P Dow
Jones Indices"). S&P Dow Jones Indices does not make any
representation or warranty, express or implied, to the owners of
the ETNs or any member of the public regarding the advisability of
investing in securities generally or in the ETNs particularly or
the ability of the S&P GSCI Indices to track general market
performance.
"Bloomberg®", "Bloomberg Commodity IndexSM", "Bloomberg
Commodity Index Total ReturnSM", "Bloomberg Agriculture Subindex
Total ReturnSM", "Bloomberg Aluminum Subindex Total ReturnSM",
"Bloomberg Cocoa Subindex Total ReturnSM", "Bloomberg Coffee
Subindex Total ReturnSM", "Bloomberg Copper Subindex Total
ReturnSM", "Bloomberg Cotton Subindex Total ReturnSM", "Bloomberg
Energy Subindex Total ReturnSM", "Bloomberg Grains Subindex Total
ReturnSM", "Bloomberg Industrial Metals Subindex Total ReturnSM",
"Bloomberg Lead Subindex Total ReturnSM", "Bloomberg Livestock
Subindex Total ReturnSM", "Bloomberg Natural Gas Subindex Total
ReturnSM", "Bloomberg Nickel Subindex Total ReturnSM", "Bloomberg
Platinum Subindex Total ReturnSM", "Bloomberg Precious Metals
Subindex Total ReturnSM", "Bloomberg Softs Subindex Total
ReturnSM", "Bloomberg Sugar Subindex Total ReturnSM", "Bloomberg
Tin Subindex Total ReturnSM" and "BCOM" are service marks of
Bloomberg Finance L.P. and its affiliates (collectively,
"Bloomberg") and have been licensed for use for certain
purposes by Barclays Bank PLC. Any ETNs based on the Bloomberg
Commodity Indices are not sponsored, endorsed, sold or promoted by
Bloomberg, UBS AG, UBS Securities LLC ("UBS"), or any of
their subsidiaries or affiliates. None of Bloomberg, UBS AG, UBS
Securities or any of their subsidiaries or affiliates makes any
representation or warranty, express or implied, to the owners of or
counterparties to the ETNs or any member of the public regarding
the advisability of investing in securities or commodities
generally or in the ETNs particularly.
The Barclays Pure Beta Commodity Indices are trademarks of
Barclays Bank PLC.
© 2019 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/20190429005413/en/
Press:Brittany Berliner+1 212
5264894Brittany.Berliner@barclays.com
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