Barclays announces a clarification to the split of the iPath® Series B S&P GSCI® Crude Oil Total Return Index ETNs (Ticker: OIL)

NEW YORK--()--On August 28, 2019, Barclays Bank PLC (“Barclays”) had announced a 5 for 1 split of its iPath® Series B S&P GSCI® Crude Oil Total Return Index Exchange Traded Notes (the “ETNs”) effective at the open of trading on Thursday, September 12, 2019 (the “Ex-Date”).

Barclays would like to clarify the dates in relation to this Stock Split.

Record Date

Tuesday, 9/10/2019

Pay Date

Wednesday, 9/11/2019

Ex-Date

Thursday, 9/12/2019

ETN Name

 

Ticker

 

Exchange

CUSIP

iPath® Series B S&P GSCI® Crude Oil TR Index ETN

 

OIL

 

NYSE Arca

 

06745R693

Barclays Bank PLC has the right (but no obligation) to initiate such a split of the ETNs in its sole discretion. On August 29, 2019, the closing indicative value of the ETNs was $57.8817.

The closing indicative value of the ETNs on September 11, 2019 (the “Pay Date”) will be divided by five to determine the split-adjusted closing indicative value of the ETNs. The number of ETNs outstanding at the close of trading on the Pay Date correspondingly will be multiplied by five to determine the adjusted number of ETNs outstanding as of the Ex-Date. The holders of the ETN as of September 10, 2019 (the “Record Date”) will see this change reflected on the Pay Date. The split will be effective on the Ex-Date at the open of trading on September 12, 2019, and the ETNs will begin trading on NYSE Arca on a split-adjusted basis on such date. The split-adjusted ETNs will have same CUSIP & ISIN and will retain the same ticker symbol.

For more information regarding the split process, including how the split-adjusted value is determined, see the pricing supplement relating to the ETNs under the heading “Specific Terms of the ETNs—Split or Reverse Split.” The pricing supplement relating to the ETNs can be found on EDGAR, the SEC website, at: www.sec.gov. The prospectus is also available on the product website at www.iPathETN.com/oilprospectus.

Barclays Bank PLC is the issuer of iPath® 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 together with your broker/advisor/custodian or have them speak to us on your behalf.

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 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 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.

Market and Volatility Risk: The prices of physical commodities, including the commodities underlying the index components, can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Additionally, the market value of the ETNs may be influenced by many unpredictable factors including changes in supply and demand relationships, governmental policies and economic events.

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.

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.

Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions: You must redeem at least 5,000 ETNs of the same series 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 product prospectus.

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 Total Return Index and the 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 & Poor’s 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.

© 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

Contacts

Press:
Andrew Smith
+1 212 412 7521
andrew.x.smith@barclays.com

Contacts

Press:
Andrew Smith
+1 212 412 7521
andrew.x.smith@barclays.com