Barclays Bank PLC (“Barclays”) announced today that it plans to
amend the tickers for 17 existing Commodity ETNs listed in the
table below (collectively, “the Commodity ETNs”). All of the
Commodity ETNs are listed on the NYSE Arca exchange. Please refer
to the related press releases dated January 11, 2018 and April 3,
2018 for further details regarding the listing of the Commodities
ETNs and delisting of certain related ETNs.
The current and proposed ticker symbols for the Commodity ETNs
are listed in the table below. The ticker symbol changes will be
effective after the close of trading on November 15, 2018.
ETN Name
Current ETN Ticker
New ETN
Ticker
iPath® Series B Bloomberg Agriculture Subindex Total ReturnSM ETN
JJAB JJA iPath® Series B Bloomberg Aluminum Subindex
Total ReturnSM ETN JJUB JJU iPath® Series B Bloomberg
Coffee Subindex Total ReturnSM ETN BJO JO iPath®
Series B Bloomberg Copper Subindex Total ReturnSM ETN JJCB
JJC iPath® Series B Bloomberg Cotton Subindex Total ReturnSM
ETN BALB BAL iPath® Series B Bloomberg Energy
Subindex Total ReturnSM ETN JJEB JJE iPath® Series B
Bloomberg Grains Subindex Total ReturnSM ETN JJGB JJG
iPath® Series B Bloomberg Industrial Metals Subindex Total ReturnSM
ETN JJMB JJM iPath® Series B Bloomberg Livestock
Subindex Total ReturnSM ETN COWB COW iPath® Series B
Bloomberg Nickel Subindex Total ReturnSM ETN BJJN JJN
iPath® Series B Bloomberg Platinum Subindex Total ReturnSM ETN
PGMB PGM iPath® Series B Bloomberg Precious Metals
Subindex Total ReturnSM ETN JJPB JJP iPath® Series B
Bloomberg Softs Subindex Total ReturnSM ETN JJSB JJS
iPath® Series B Bloomberg Sugar Subindex Total ReturnSM ETN
SGGB SGG iPath® Series B Bloomberg Tin Subindex Total
ReturnSM ETN JJTB JJT iPath® Series B S&P GSCI®
Crude Oil Total Return Index ETN OILB OIL iPath®
Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN
GAZB GAZ
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:
http://www.ipathetn.com/JJABprospectushttp://www.ipathetn.com/JJUBprospectushttp://www.ipathetn.com/BJOprospectushttp://www.ipathetn.com/JJCBprospectushttp://www.ipathetn.com/BALBprospectushttp://www.ipathetn.com/JJEBprospectushttp://www.ipathetn.com/JJGBprospectushttp://www.ipathetn.com/JJMBprospectushttp://www.ipathetn.com/COWBprospectushttp://www.ipathetn.com/BJJNprospectushttp://www.ipathetn.com/PGMBprospectushttp://www.ipathetn.com/JJPBprospectushttp://www.ipathetn.com/JJSBprospectushttp://www.ipathetn.com/SGGBprospectushttp://www.ipathetn.com/JJTBprospectushttp://www.ipathetn.com/OILBprospectushttp://www.ipathetn.com/GAZBprospectus
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. 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
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.
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.
The ETNs offer exposure to futures contracts and not direct
exposure to physical commodities: The ETNs offer investors
exposure to the price of commodities futures contracts and not to
the spot price of commodities. The price of a commodity futures
contract reflects the expected value of the commodity upon delivery
in the future, whereas the spot price of a commodity reflects the
immediate delivery value of the commodity. A variety of factors can
lead to a disparity between the expected future price of a
commodity and the spot price at a given point in time, such as the
cost of storing the commodity for the term of the futures contract,
interest charges to finance the purchase of the commodity and
expectations concerning supply and demand for the commodity. The
price movement of a futures contract is typically correlated with
the movements of the spot price of the reference commodity, but the
correlation is generally imperfect and price moves in the spot
market may not be reflected in the futures market (and vice versa).
Accordingly, the ETNs may underperform a similar investment that
reflects the return on the physical commodity.
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 currently listed on a 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 will 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 20,000,
25,000 or 50,000 (depending on the series) 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. 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 & 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.
"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.
© 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
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 80,000 people. Barclays moves,
lends, invests and protects money for customers and clients
worldwide.For further information about Barclays, please visit our
website home.barclays
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Barclays Bank PLCBrittany Berliner+1 212 526
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