Barclays Bank PLC (“Barclays”) announced today that it has
concluded its consent solicitation (the “Consent Solicitation”) for
select issues of iPath® Commodities Exchange-Traded Notes (each, an
“issue” and collectively, the “ETNs”) set forth in the table below.
Barclays has received the consents to make the proposed amendments
described below (collectively, the “Proposed Amendment”) from
holders of a majority in aggregate principal amount (the “Required
Consents”) of each of the four issues of ETNs noted in the table
below.
For these four issues of ETNs, Barclays has declared 5:00 pm,
New York City time, on March 31, 2015, as the “Effective Time” for
the consents received and plans to enter into a supplemental
indenture to make the Proposed Amendment within 30 days of the
Effective Time and will file an amended pricing supplement
reflecting the Proposed Amendment for such issues of ETNs. For the
remaining issues of ETNs for which the Required Consents were not
received, the Consent Solicitation has concluded as of 5:00 pm, New
York City time, on March 31, 2015, and the Proposed Amendment will
not be made with respect to those issues of ETNs.
The ETNs subject to the Consent Solicitation trade on the NYSE
Arca exchange under the following ticker symbols:
Name of ETN
Ticker
Symbol
Required
Consents
Received
iPath® Bloomberg Commodity Index Total
ReturnSM ETN
DJP YES
iPath® Bloomberg Cocoa Subindex Total
ReturnSM ETN
NIB YES
iPath® Bloomberg Lead Subindex Total
ReturnSM ETN
LD YES
iPath® S&P GSCI® Total Return Index
ETN
GSP YES
iPath® Bloomberg Livestock Subindex Total
ReturnSM ETN
COW NO
iPath® Bloomberg Agriculture Subindex
Total ReturnSM ETN
JJA NO
iPath® Bloomberg Softs Subindex Total
ReturnSM ETN
JJS NO
iPath® Bloomberg Grains Subindex Total
ReturnSM ETN
JJG NO
iPath® Bloomberg Energy Subindex Total
ReturnSM ETN
JJE NO
iPath® Bloomberg Industrial Metals
Subindex Total ReturnSM ETN
JJM NO
iPath® Bloomberg Precious Metals Subindex
Total ReturnSM ETN
JJP NO
iPath® Bloomberg Cotton Subindex Total
ReturnSM ETN
BAL NO
iPath® Bloomberg Coffee Subindex Total
ReturnSM ETN
JO NO
iPath® Bloomberg Sugar Subindex Total
ReturnSM ETN
SGG NO
iPath® Bloomberg Copper Subindex Total
ReturnSM ETN
JJC NO
iPath® Bloomberg Nickel Subindex Total
ReturnSM ETN
JJN NO
iPath® Bloomberg Tin Subindex Total
ReturnSM ETN
JJT NO
iPath® Bloomberg Aluminum Subindex Total
ReturnSM ETN
JJU NO
iPath® Bloomberg Platinum Subindex Total
ReturnSM ETN
PGM NO
iPath® Bloomberg Natural Gas Subindex
Total ReturnSM ETN
GAZ NO
iPath® S&P GSCI® Crude Oil Total
Return Index ETN
OIL NO
iPath® Global Carbon ETN
GRN NO
The terms and conditions under which Barclays solicited consents
were set forth in the Consent Solicitation Statements for the ETNs,
one dated February 11, 2014 for the iPath® Bloomberg Coffee
Subindex Total ReturnSM ETN (the “Coffee ETNs”) and one dated
November 19, 2013 for the ETNs other than the Coffee ETNs
(together, the “Consent Solicitation Statements”) and the
accompanying Voter Instruction Forms (the “VIFs”). Consents were
solicited from each person in whose name beneficial ownership of an
issue of ETNs was recorded as of 5:00 p.m., Eastern Standard Time,
on the respective record dates for the Consent Solicitations, which
was January 28, 2014 for the Coffee ETNs and November 8, 2013 for
all issues of ETNs other than the Coffee ETNs.
The Proposed Amendment will amend the terms of the four issues
for which the Required Consents were received to provide Barclays
with the following unqualified rights as of the date on which the
Proposed Amendment is made effective:
• the right to redeem all, but not less than all, of the
outstanding ETNs of that issue of ETNs, prior to maturity, on the
terms described in the Consent Solicitation Statements; and
• the right to initiate a split or reverse split of the ETNs of
that issue on the terms described in the Consent Solicitation
Statements.
In addition, the Proposed Amendment would also amend the terms
of these four issues as follows:
• the investor fee for that issue of ETNs would be reduced
during the period from the Effective Time of the Proposed Amendment
for that issue to the maturity date of the ETNs of that issue. The
reduced investor fee would be an amount equal to 0.70% per annum
times the principal amount of a holder’s ETNs times the relevant
index factor, calculated on a daily basis. The current investor fee
is an amount equal to 0.75% per annum times the principal amount of
a holder’s ETNs times the relevant index factor, calculated on a
daily basis.
• the minimum number of ETNs of that issue required to be
redeemed for a holder to exercise its right to redeem ETNs of such
issue prior to maturity will be reduced from 50,000 ETNs to 30,000
ETNs.
About iPath® ETNs
An investment in iPath ETNs involves significant risks and
may not be suitable for all investors. The ETNs are riskier than
ordinary unsecured debt securities and have no 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 prospectus.
The prospectus 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.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the “ETNs”)
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.
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.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are 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: You must redeem at least 50,000
ETNs (30,000 ETNs if the Proposed Amendment is accepted for an
issue) of the same issue 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
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.
Barclays Bank PLC has filed a registration statement
(including a prospectus) with the SEC for the offering to which
this communication relates. Before you invest, you should read the
prospectus and other documents Barclays Bank PLC has filed with the
SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting
www.iPathETN.com or EDGAR on the SEC website at
www.sec.gov. Alternatively, Barclays Bank PLC will
arrange for Barclays Capital Inc. to send you the prospectus if you
request it by calling toll-free 1-877-764-7284, or you may request
a copy from any other dealer participating in the offering.
BlackRock Investments, LLC, assists in the promotion of the
ETNs.
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.
“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 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.
The S&P GSCI® Index S&P GSCI® Total Return Index and the
S&P GSCI® Crude Oil Total Return Index (the “S&P GSCI
Indexes”) 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 Indexes 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 Indexes
to track general market performance.
“Barclays Global Carbon IndexTM” and “Barclays Global Carbon
Index Total ReturnTM” are trademarks of Barclays Bank PLC.
© 2015 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.
Barclays is an international financial services provider engaged
in personal, corporate and investment banking, credit cards and
wealth management with an extensive presence in Europe, the
Americas, Africa and Asia. Barclays’ purpose is to help people
achieve their ambitions – in the right way. With 325 years of
history and expertise in banking, Barclays operates in over 50
countries and employs over 130,000 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.
NOT FDIC INSURED · NO BANK GUARANTEE · MAY
LOSE VALUE
Barclays Bank PLCMark Lane,
+1-212-412-1413mark.lane@barclays.com
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