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Barclays Announces Reductions of Minimum Early Redemption Size of Certain Commodity ETNs

NEW YORK--(BUSINESS WIRE)--

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/LDprospectus
http://www.ipathetn.com/NIBprospectus
http://www.ipathetn.com/GSPprospectus
http://www.ipathetn.com/BALprospectus
http://www.ipathetn.com/COWprospectus
http://www.ipathetn.com/JJAprospectus
http://www.ipathetn.com/JJCprospectus
http://www.ipathetn.com/JJEprospectus
http://www.ipathetn.com/JJGprospectus
http://www.ipathetn.com/JJMprospectus
http://www.ipathetn.com/JJNprospectus
http://www.ipathetn.com/JJPprospectus
http://www.ipathetn.com/JJSprospectus
http://www.ipathetn.com/JJTprospectus
http://www.ipathetn.com/JJUprospectus
http://www.ipathetn.com/JOprospectus
http://www.ipathetn.com/SGGprospectus
http://www.ipathetn.com/PGMprospectus
http://www.ipathetn.com/GAZprospectus
http://www.ipathetn.com/OILprospectus
http://www.ipathetn.com/BCMprospectus
http://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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