NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (“Barclays”) announced today that it plans to delist from the NYSE Arca exchange and suspend sales from inventory and further issuances of 16 series of exchange-traded notes, effective after the close of trading on April 12, 2018 (the “Delisting Date”). Barclays also announced that it plans to redeem in full 18 other series of exchange-traded notes on April 12, 2018 (the “Redemption Date”).
The ETNs that Barclays plans to delist currently trade on NYSE Arca under the ticker symbols listed in the table below. After the close of trading on the Delisting Date, Barclays plans to suspend, until further notice, any further sales from inventory and any further issuances of each series of the ETNs to be delisted.
| ETN Name |
ETN |
Underlying Index Name |
Index |
|||
| iPath® MSCI India Index ETN | INP | MSCI India Total Return Index | NDEUSIA | |||
| iPath® Asian and Gulf Currency Revaluation ETN | PGD | Barclays GEMS Pegged Currency IndexTM | BXIIGEMP | |||
| iPath® CBOE S&P 500 BuyWrite IndexSM ETN | BWV | CBOE S&P 500 BuyWrite IndexSM | BXM | |||
| iPath® EUR/USD Exchange Rate ETN | ERO | EUR/USD Exchange Rate |
EURUSD |
|||
| iPath® GBP/USD Exchange Rate ETN | GBB | GBP/USD Exchange Rate |
GBPUSD |
|||
| iPath® GEMS Asia 8 ETN | AYT | Barclays GEMS Asia 8 IndexTM | BXIIGMA8 | |||
| iPath® GEMS IndexTM ETN | JEM | Barclays Global Emerging Markets Strategy (GEMS) IndexTM | BXIIGEM1 | |||
| iPath® Global Carbon ETN | GRN | Barclays Global Carbon II TR USD Index | BXIIGC2T | |||
| iPath® Inverse S&P 500 VIX Short-Term FuturesTM ETN | XXV | S&P 500® VIX Short-Term Futures Index ER | SPVXSP | |||
| iPath® JPY/USD Exchange Rate ETN | JYN | JPY/USD Exchange Rate |
JPYUSD |
|||
| iPath® Long Enhanced MSCI EAFE® Index ETN | MFLA | MSCI EAFE® Net TR Index | NDDUEAFE | |||
| iPath® Long Enhanced MSCI EM Index ETN | EMLB | MSCI Emerging Markets NetTR Index | NDUEEGF | |||
| iPath® Long Extended Russell 1000® TR Index ETN | ROLA | Russell 1000® TR Index | RU10INTR | |||
| iPath® Long Extended Russell 2000® TR Index ETN | RTLA | Russell 2000® TR Index | RU20INTR | |||
| iPath® Long Extended S&P 500® TR Index ETN | SFLA | S&P 500® TR Index | SPTR | |||
| iPath® Optimized Currency Carry ETN | ICI | Barclays Optimized Currency Carry IndexTM | BXIICIIP |
Following the delisting, these ETNs will remain outstanding, though they will no longer be listed for trading on any national securities exchange. At such point, these ETNs may trade, if at all, on an over-the-counter basis, the secondary market for these ETNs may experience a significant drop in liquidity, and holders of these ETNs may not be able to trade or sell them easily.
The ETNs that Barclays plans to redeem pursuant to their terms currently trade on NYSE Arca under the ticker symbols listed in the table below.
| ETN Name |
ETN |
Underlying Index Name |
Index |
|||
| iPath® Pure Beta Agriculture ETN | DIRT | Barclays Commodity Index Agriculture Pure Beta TR | BCC1AGPT | |||
| iPath® Pure Beta Aluminum ETN | FOIL | Barclays Aluminum Pure Beta TR Index | BCC2LAPT | |||
| iPath® Pure Beta Cocoa ETN | CHOC | Barclays Cocoa Pure Beta TR Index | BCC2CCPT | |||
| iPath® Pure Beta Coffee ETN | CAFE | Barclays Coffee Pure Beta TR Index | BCC2KCPT | |||
| iPath® Pure Beta Copper ETN | CUPM | Barclays Copper Pure Beta TR Index | BCC2LPPT | |||
| iPath® Pure Beta Cotton ETN | CTNN | Barclays Cotton Pure Beta TR Index | BCC2CTPT | |||
| iPath® Pure Beta Energy ETN | ONG | Barclays Commodity Index Energy Pure Beta TR | BCC1ENPT | |||
| iPath® Pure Beta Grains ETN | WEET | Barclays Commodity Index Grains & Oilseeds Pure Beta TR | BCC1GRPT | |||
| iPath® Pure Beta Industrial Metals ETN | HEVY | Barclays Commodity Index Industrial Metals Pure Beta TR | BCC1IMPT | |||
| iPath® Pure Beta Lead ETN | LEDD | Barclays Lead Pure Beta TR Index | BCC2LLPT | |||
| iPath® Pure Beta Livestock ETN | LSTK | Barclays Commodity Index Livestock Pure Beta TR | BCC1LSPT | |||
| iPath® Pure Beta Nickel ETN | NINI | Barclays Nickel Pure Beta TR Index | BCC2LNPT | |||
| iPath® Pure Beta Precious Metals ETN | BLNG | Barclays Commodity Index Precious Metals Pure Beta TR | BCC1PMPT | |||
| iPath® Pure Beta Softs ETN | GRWN | Barclays Commodity Index Softs Pure Beta TR | BCC1SFPT | |||
| iPath® Pure Beta Sugar ETN | SGAR | Barclays Sugar Pure Beta TR Index | BCC2SBPT | |||
| iPath® Pure Beta S&P GSCI®-Weighted ETN | SBV | Barclays Pure Beta Series-2 TR Index | BCC2C1PT | |||
| iPath® Seasonal Natural Gas ETN | DCNG | Barclays Natural Gas Seasonal TR Index | BCC2NGST | |||
| iPath® Inverse S&P 500 VIX Short-Term FuturesTM ETN (II) | IVOP | S&P 500 VIX Short-Term FuturesTM Index ER | SPVXSP |
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. Barclays anticipates that the redemption date of the ETNs will be April 12, 2018. Based on that redemption date, holders of each affected series of ETNs on the redemption date will receive a cash payment per ETN in an amount equal to the closing indicative note value or closing indicative value of that series of ETNs on April 5, 2018, which is the fifth business day prior to the redemption date.
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—Issuer Redemption Procedures”.
The ETN holders’ option to require Barclays to repurchase the ETNs will not be affected by the planned delisting or issuer redemption. Currently, holders of the series of ETNs specified herein are generally required to redeem a minimum number of ETNs of the same series at one time in order to exercise the right to redeem the ETNs directly with the issuer. Barclays will temporarily waive the required minimum redemption size for each series of ETNs specified herein to be delisted or redeemed. The waiver will be irrevocable and effective after the close of trading on January 17, 2018 until (i) in the case of each series of ETNs to be delisted, the earlier of (A) the maturity date of the applicable series of ETNs and (B) January 19, 2021, unless extended by Barclays at its sole discretion, or (ii) in the case of each series of ETNs to be redeemed, the Redemption Date. Any future modification, including extending the term of the waiver or temporarily or permanently reducing, waiving or otherwise modifying the minimum redemption size, will be applied on a consistent basis for all holders of that series of ETNs at the time such modification becomes effective. Barclays has previously waived or reduced minimum redemption sizes for certain of the ETNs it plans to delist, all of which waivers or reductions are still in effect. Please refer to the associate press release on December 21, 2017 for more details.
Holders of ETNs to be delisted are not required to take any of the actions discussed in this announcement and may choose to continue to hold their ETNs till the respective maturity date of each series 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.
Any redemption of Existing 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 daily redemption value, closing indicative value or closing indicative note 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 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. 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 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:
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ETNs to be Delisted |
ETNs to be Redeemed |
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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/custodian can call us at: 1-212-528-7990.
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 decrease 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. Because the ETNs are subject to an investor fee and any 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 and is subject to the exercise of any U.K. Bail-In Power by the relevant U.K. resolution authority under the U.K. Banking Act 2009, as amended and the Financial Services and Markets Act 2000. 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 of become subject to the exercise of any U.K. Bail-In Power (or any other resolution measure) by the relevant U.K. resolution authority, 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 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.
A Trading Market for the ETNs May Not Develop: Although the ETNs are currently 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, your right to redeem your ETNs on any redemption date may be subject to a requirement that you redeem a certain minimum number of ETNs of the same series. 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.
The S&P 500 Indices and the S&P 500 VIX Futures Indices are products of S&P Dow Jones Indices LLC (“SPDJI”). S&P®, S&P 500® and “S&P 500 VIX Short-Term FuturesTM” are trademarks of Standard & Poor’s Financial Services LLC (“SPFS”). VIX® is a registered trademark of Chicago Board Options Exchange, Incorporated (“CBOE”). These trademarks have been licensed to SPDJI and its affiliates, and sublicensed to Barclays Bank PLC for certain purposes. The ETNs are not sponsored, endorsed, sold or promoted by SPDJI, SPFS, CBOE 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 any of the S&P 500 Indices or S&P 500 VIX Futures Indices to track general market performance.
The S&P GSCI TR Index and the S&P GSCI Crude Oil TR Index (the “S&P GSCI Indices”) are products of SPDJI, and have been licensed for use by Barclays Bank PLC. S&P® and GSCI® are registered trademarks of 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 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.
The CBOE S&P 500 BuyWrite IndexSM (the “Index”) is a product of CBOE. CBOE® and BuyWriteTM are trademarks of CBOE. S&P® and S&P 500® are trademarks of SPFS. The Index and the related trademarks have been licensed to SPDJI and its affiliates, and sublicensed to Barclays Bank PLC for certain purposes. The ETNs are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices, CBOE, or any of their respective affiliates. S&P Dow Jones Indices and CBOE do not make any representation or warranty, express or implied, to the owners of the securities or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the Index to track general market performance.
“Russell 1000® Index”, “Russell 2000® Index” and “Russell 3000® Index” are trademarks of Russell Investments and have been licensed for use by Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold, or promoted by Russell Investments. Russell Investments makes no 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 Russell Indices to track general stock market performance or a segment of the same.
MSCI and the MSCI Index names are servicemarks of MSCI or its affiliates and have been licensed for use for certain purposes by Barclays Bank PLC. The ETNs are not sponsored or endorsed by MSCI, any affiliate of MSDCI or any other party involved in, or related to, making or compiling any MSCI Index. The ETNs are not sold or promoted by MSCI, any affiliate of MSCI or any other party involved in, or related to, making or compiling any MSCI Index. The MSCI Indices are the exclusive property of MSCI. Neither MSCI, any of its affiliates, or any other party involved in, or related to, making or compiling any MSCI Index makes 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 the financial securities generally or in the ETNs particularly or the ability of any MSCI Index to track corresponding stock market performance.
The Barclays Pure Beta Commodity Indices, “Barclays Natural Gas Seasonal TR Index”, “Barclays Global Carbon Index Total ReturnTM”, “Barclays Optimized Currency Carry IndexTM”, “USD Optimized Currency Carry IndexTM”, “Barclays Global Emerging Markets Strategy (GEMS) Asia 8 IndexTM”, “Barclays Global Emerging Markets Strategy (GEMS) Pegged Currency IndexTM” and “Barclays Global Emerging Markets Strategy (GEMS) IndexTM” are trademarks of Barclays Bank PLC.
© 2018 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
Barclays is a transatlantic consumer and wholesale bank with global reach, 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 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
