Barclays Bank PLC (“Barclays”) announced today that it
will exercise its issuer call option and redeem in full each of the
18 series of iPath® ETNs (the “ETNs”) listed in the table
below on June 28, 2024 (the “Redemption Date”).
Name of ETN
Bloomberg Ticker
CUSIP/ISIN
iPath® GEMS Asia 8 ETN
AYTEF
06738G878 / US06738G8785
iPath® Bloomberg Cotton Subindex Total
ReturnSM ETN
BALTF
06739H271 / US06739H2711
iPath® EUR/USD Exchange Rate ETN
EROTF
06739F184 / GB00B1WPBD95
iPath® GBP/USD Exchange Rate ETN
GBBEF
06739F176 / GB00B1WPB621
iPath® Global Carbon ETN
GRNTF
06739H164 / US06739H1648
iPath® Optimized Currency Carry ETN
ICITF
06739H412 / US06739H4121
iPath® GEMS IndexTM ETN
JEMTF
06739H453 / US06739H4535
iPath® Bloomberg Agriculture Subindex
Total ReturnSM ETN
JJATF
06739H206 / US06739H2067
iPath® Bloomberg Industrial Metals
Subindex Total ReturnSM ETN
JJMTF
06738G407 / US06738G4073
iPath® Bloomberg Nickel Subindex Total
ReturnSM ETN
JJNTF
06739F119 / US06739F1194
iPath® Bloomberg Coffee Subindex Total
ReturnSM ETN
JJOFF
06739H297 / US06739H2976
iPath® Bloomberg Precious Metals Subindex
Total ReturnSM ETN
JJPFF
06739H248 / US06739H2489
iPath® Bloomberg Softs Subindex Total
ReturnSM ETN
JJSSF
06739H230 / US06739H2307
iPath® Bloomberg Tin Subindex Total
ReturnSM ETN
JJTFF
06739H198 / US06739H1986
iPath® Bloomberg Aluminum Subindex Total
ReturnSM ETN
JJUFF
06739H321 / US06739H3214
iPath® JPY/USD Exchange Rate ETN
JYNFF
06739G851 / GB00B1WPB282
iPath® Asian & Gulf Currency
Revaluation ETN
PGDDF
06739H420 / US06739H420
iPath® Bloomberg Sugar Subindex Total
ReturnSM ETN
SGGFF
06739H214 / US06739H2141
After obtaining the requisite consents with respect to each
series of ETNs in connection with Barclays’ cash tender offer and
consent solicitation, Barclays has amended the indenture and global
certificate for each series of ETNs to provide Barclays with the
right to redeem, in its sole discretion, all, but not less than
all, of the outstanding ETNs of each series, on the Redemption
Date. Please see the iPath® ETN website at
https://ipathetn.barclays/static/tenderoffers.app (the
“Information Page”) for further details regarding the tender
offer and consent solicitation.
The “Valuation Date” for the redemption of each series of
ETNs will be June 21, 2024, the fifth business day prior to the
Redemption Date. A holder of the ETNs on the Redemption Date will
receive a cash payment per ETN in an amount equal to the applicable
Closing Indicative Note Value on the Valuation Date. For more
information about how the Closing Indicative Note Value is
determined, please refer to the section entitled “Terms and
Conditions of the Offers and Consent Solicitations—Closing
Indicative Note Value” in the Offer to Purchase and Consent
Solicitation Statement dated December 7, 2023, as further
supplemented, which is available on the Information Page.
Under the terms of the ETNs, as amended, holders of any series
of ETNs subject to issuer redemption will no longer have the option
to exercise the holder redemption right. Therefore, no further
elections for holder redemption will be accepted by Barclays.
Holders of ETNs subject to issuer redemption may choose to continue
to hold their ETNs until the Redemption Date or choose to sell
their ETNs at a suitable time prior to that.
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 is the issuer of the ETNs and Barclays Capital Inc. is
the issuer’s agent in the distribution. Please contact Barclays for
further questions:
- Financial advisors: Directly contact Barclays 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 exchange
rate, as applicable (the “index”) between the inception date
and the applicable valuation date. Additionally, if the level of
the 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
level of such index has increased or decreased, as the case may be.
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.
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.
Concentration Risk: Because the ETNs may be 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.
A Trading Market for the ETNs May Not Develop: The ETNs are not
listed on any securities exchange and the liquidity of the ETNs may
be limited.
No Interest Payments from the ETNs: You may not receive any
interest payments on the ETNs.
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 through certain
brokerage accounts. 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.
© 2024 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/20240614060273/en/
Press: Ann Thielke +1 212 526 1472 Ann.Thielke@barclays.com
Barclays (NYSE:BCS)
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Barclays (NYSE:BCS)
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