Barclays Announces Reductions and Extensions of Minimum Early Redemption Size of Certain ETNs

NEW YORK--()--Barclays Bank PLC (“Barclays” or the “Issuer”) announced a reduction of the minimum early redemption size of certain series of equity ETNs as specified in the table below. Currently holders of these 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.

Asset Class

ETN Name

ETN Ticker

Current minimum early redemption size (# of ETNs)

Reduced minimum early redemption size (# of ETNs)

Equity

Barclays Women in Leadership ETN

WIL

25,000

5,000

Equity

Barclays Return On Disability ETN

RODI

25,000

5,000

This waiver will be effective after the close of trading on February 28, 2020 and will remain effective until the close of trading on February 28, 2022, unless extended at Barclays’ sole discretion. Any such future modification will be applied on a consistent basis for all holders of the Equity ETNs at the time such modification becomes effective.

Additionally, Barclays would also like to extend the waiver for the reduction of the minimum redemption size relating to certain commodities ETNs as specified in the table below. These changes will be effective after the close of trading on February 28, 2020 and will remain effective until the close of trading on February 28, 2022, unless extended by Barclays at its sole discretion.

Asset Class

ETN Name

ETN Ticker

Minimum early redemption size (# of ETNs)

Commodity

iPath® S&P GSCI™ Total Return Index ETN

GSP

5,000

Commodity

iPath® Bloomberg Lead Subindex Total Return ETN

LD

5,000

Commodity

iPath® Bloomberg Cocoa Subindex Total Return ETN

NIB

5,000

Commodity

iPath® Series B S&P GSCI™ Crude Oil Total Return Index ETN

OIL

5,000

Commodity

iPath® Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN

GAZ

5,000

Commodity

iPath® Series B Bloomberg Agriculture Subindex Total ReturnSM ETN

JJA

5,000

Commodity

iPath® Series B Bloomberg Aluminum Subindex Total ReturnSM ETN

JJU

5,000

Commodity

iPath® Series B Bloomberg Coffee Subindex Total ReturnSM ETN

JO

5,000

Commodity

iPath® Series B Bloomberg Copper Subindex Total ReturnSM ETN

JJC

5,000

Commodity

iPath® Series B Bloomberg Cotton Subindex Total ReturnSM ETN

BAL

5,000

Commodity

iPath® Series B Bloomberg Energy Subindex Total ReturnSM ETN

JJE

5,000

Commodity

iPath® Series B Bloomberg Grains Subindex Total ReturnSM ETN

JJG

5,000

Commodity

iPath® Series B Bloomberg Industrial Metals Subindex Total ReturnSM ETN

JJM

5,000

Commodity

iPath® Series B Bloomberg Livestock Subindex Total ReturnSM ETN

COW

5,000

Commodity

iPath® Series B Bloomberg Nickel Subindex Total ReturnSM ETN

JJN

5,000

Commodity

iPath® Series B Bloomberg Platinum Subindex Total ReturnSM ETN

PGM

5,000

Commodity

iPath® Series B Bloomberg Precious Metals Subindex Total ReturnSM ETN

JJP

5,000

Commodity

iPath® Series B Bloomberg Softs Subindex Total ReturnSM ETN

JJS

5,000

Commodity

iPath® Series B Bloomberg Sugar Subindex Total ReturnSM ETN

SGG

5,000

Commodity

iPath® Series B Bloomberg Tin Subindex Total ReturnSM ETN

JJT

5,000

Commodity

iPath® Pure Beta Broad Commodity ETN

BCM

5,000

Commodity

iPath® Pure Beta Crude Oil ETN

OLEM

5,000

Commodity

iPath® Global Carbon ETN

GRNTF

-

Commodity

iPath® Bloomberg Cotton Subindex Total ReturnSM ETN

BALTF

-

Commodity

iPath® Bloomberg Livestock Subindex Total ReturnSM ETN

COWTF

-

Commodity

iPath® Bloomberg Agriculture Subindex Total ReturnSM ETN

JJATF

-

Commodity

iPath® Bloomberg Copper Subindex Total ReturnSM ETN

JJCTF

-

Commodity

iPath® Bloomberg Energy Subindex Total ReturnSM ETN

JJETF

-

Commodity

iPath® Bloomberg Grains Subindex Total ReturnSM ETN

JJGTF

-

Commodity

iPath® Bloomberg Industrial Metals Subindex Total ReturnSM ETN

JJMTF

-

Commodity

iPath® Bloomberg Nickel Subindex Total ReturnSM ETN

JJNTF

-

Commodity

iPath® Bloomberg Precious Metals Subindex Total ReturnSM ETN

JJPFF

-

Commodity

iPath® Bloomberg Softs Subindex Total ReturnSM ETN

JJSSF

-

Commodity

iPath® Bloomberg Tin Subindex Total ReturnSM ETN

JJTFF

-

Commodity

iPath® Bloomberg Aluminum Subindex Total ReturnSM ETN

JJUFF

-

Commodity

iPath® Bloomberg Coffee Subindex Total ReturnSM ETN

JJOFF

-

Commodity

iPath® Bloomberg Sugar Subindex Total ReturnSM ETN

SGGFF

-

Commodity

iPath® Bloomberg Platinum Subindex Total ReturnSM ETN

PGMFF

-

Commodity

iPath® Bloomberg Natural Gas Subindex Total ReturnSM ETN

GAZZF

-

Commodity

iPath® S&P GSCI™ Crude Oil Total Return Index ETN

OILNF

-

On February 18, 2020, Barclays had announced waiver to the minimum redemption size of certain ETNs including iPath® US Treasury 10-year Near ETN (Ticker: DTYS), iPath® US Treasury Long Bond Near ETN (Ticker: DLBS), Barclays ETN+ S&P VEQTOR ETN (Ticker: VQT) and iPath® S&P 500 Dynamic VIX ETN (Ticker: XVZ).

The obligation of Barclays to accept any early redemption of ETNs, including with the waiver of the minimum redemption sizes 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 dates 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 versus 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 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/WILprospectus
http://www.ipathetn.com/RODIprospectus
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
http://www.ipathetn.com/OILNFprospectus
http://www.ipathetn.com/COWTFprospectus
http://www.ipathetn.com/JJATFprospectus
http://www.ipathetn.com/JJCTFprospectus
http://www.ipathetn.com/JJETFprospectus
http://www.ipathetn.com/JJGTFprospectus
http://www.ipathetn.com/JJMTFprospectus
http://www.ipathetn.com/JJNTFprospectus
http://www.ipathetn.com/GAZZFprospectus
http://www.ipathetn.com/GRNTFprospectus
http://www.ipathetn.com/BALTFprospectus
http://www.ipathetn.com/JJPFFprospectus
http://www.ipathetn.com/JJSSFprospectus
http://www.ipathetn.com/JJTFFprospectus
http://www.ipathetn.com/JJUFFprospectus
http://www.ipathetn.com/JJOFFprospectus
http://www.ipathetn.com/SGGFFprospectus
http://www.ipathetn.com/PGMFFprospectus

Barclays 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:

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 customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group.

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 applicable 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: 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.

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 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.

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: Except in the circumstances described above or as otherwise specified in the applicable product prospectus, you must redeem at least the minimum number of ETNs specified in the applicable product 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 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. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of ETNs.

© 2020 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

Danielle Popper
+1 212 526 5963
Danielle.Popper@barclays.com

Contacts

Danielle Popper
+1 212 526 5963
Danielle.Popper@barclays.com