Barclays Bank PLC (“Barclays”) announced today that it has
extended by three months the expiration date of its consent
solicitations (the “Consent Solicitations”) for select issues of
iPath® Commodities Exchange-Traded Notes with the ticker symbols
listed below (each, an “issue” and collectively, the “ETNs”).
Barclays is continuing to solicit consents (the “Consents”) for
the ETNs to the proposed amendments described below (collectively,
the “Proposed Amendment”) separately for each issue of ETNs bearing
the ticker symbols set out in the table below on the terms and
conditions as set forth in the Consent Solicitation Statement,
dated October 1, 2015 with respect to the iPath® Bloomberg
Energy Subindex Total ReturnSM ETNs (the “Energy ETNs”),
February 16, 2016 with respect to the iPath® S&P GSCI®
Crude Oil Total Return Index ETN (the “OIL ETNs”) and the Consent
Solicitation Statement, dated December 23, 2015 with respect to
each other issue of ETNs (together, the “Consent Solicitation
Statements”) and the accompanying Voter Instruction Forms (the
“VIFs”). Consents are being 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 September 24, 2015 for the
Energy ETNs, February 11, 2016 for the OIL ETNs and December 17,
2015 for each other issue of ETNs, the respective record dates for
the Consent Solicitations.
The Consent Solicitations will now expire on July 29, 2016, or
such earlier date (the “Effective Time”) on which the approval of
holders of a majority in aggregate principal amount (the “Required
Consents”) of a particular issue is received and Barclays declares
the Proposed Amendment to be effective for such issue. Barclays may
terminate or extend the Consent Solicitations at any time in its
sole discretion.
If the Required Consents are received for an issue of ETNs in
accordance with the relevant Consent Solicitation Statement, the
Proposed Amendment would, as of the date on which the Proposed
Amendment is made effective:
- require Barclays to automatically
redeem all, but not less than all, of the outstanding ETNs of that
issue of ETNs if, on any calendar day prior to or on the final
valuation date, the closing indicative note value of the ETNs of
that issue is less than the relevant automatic termination level
per ETN for that issue as set forth in the table below,
- reduce the investor fee for the ETNs of
that issue applicable to the period beginning on the day after the
amendment date and continuing until the maturity date from an
amount equal to 0.75% per annum times the principal amount of the
holder’s ETNs times the index factor to an amount equal to 0.70%
per annum times the principal amount of the holder’s ETNs times the
index factor, in each case calculated on a daily basis; and
- reduce the minimum number of the ETNs
of that issue required to be redeemed for a holder to exercise its
right to redeem ETNs of that issue prior to maturity from 50,000
ETNs to 30,000 ETNs.
The Proposed Amendment for each issue of ETNs cannot be
partitioned and will take effect as a single proposal if all
conditions are met. If any conditions fail to be met for any issue
of ETNs, none of the amendments listed above will become effective
for that issue.
The ETNs subject to the Consent Solicitations trade on the NYSE
Arca exchange under the following ticker symbols:
Name of ETN Ticker Symbol
AutomaticTerminationLevel
iPath® Bloomberg Livestock Subindex Total ReturnSM ETN COW $3.00
iPath® Bloomberg Agriculture Subindex Total ReturnSM ETN JJA $3.00
iPath® Bloomberg Softs Subindex Total ReturnSM ETN JJS $3.00 iPath®
Bloomberg Grains Subindex Total ReturnSM ETN JJG $3.00 iPath®
Bloomberg Industrial Metals Subindex Total ReturnSM ETN JJM $3.00
iPath® Bloomberg Precious Metals Subindex Total ReturnSM ETN JJP
$3.00 iPath® Bloomberg Coffee Subindex Total ReturnSM ETN JO $3.00
iPath® Bloomberg Cotton Subindex Total ReturnSM ETN BAL $3.00
iPath® Bloomberg Sugar Subindex Total ReturnSM ETN SGG $3.00 iPath®
Bloomberg Copper Subindex Total ReturnSM ETN JJC $3.00 iPath®
Bloomberg Nickel Subindex Total ReturnSM ETN JJN $3.00 iPath®
Bloomberg Tin Subindex Total ReturnSM ETN JJT $3.00 iPath®
Bloomberg Aluminum Subindex Total ReturnSM ETN JJU $3.00 iPath®
Bloomberg Platinum Subindex Total ReturnSM ETN PGM
$3.00
iPath® Bloomberg Energy Subindex Total
ReturnSM ETN
JJE
$3.00
iPath® Bloomberg Natural Gas Subindex
Total ReturnSM ETN
GAZ
$0.20
iPath® Global Carbon ETN
GRN
$3.00
iPath® S&P GSCI® Crude Oil Total
Return Index ETN
OIL
$1.00
Under the indenture relating to the ETNs, the Depository Trust
Company (“DTC”), as registered holder of the ETNs, must deliver
(and not revoke) valid Consents in respect of at least a majority
in aggregate principal amount of the outstanding ETNs of an issue
to approve the Proposed Amendment with respect to that issue. For
purposes of the Consent Solicitations, DTC has provided an omnibus
proxy to the financial institutions acting as participants in its
system to submit Consents on its behalf and such financial
institutions have, in turn, provided proxies to Broadridge
Financial Solutions, Inc. (“Broadridge”) to submit Consents on
their behalf after soliciting and obtaining consent to the Proposed
Amendment from the beneficial owners of the ETNs.
The process for vote submission described in the Consent
Solicitation Statements allows beneficial owners of the ETNs to
submit their Consents to the Proposed Amendment to Broadridge,
which has been engaged by Barclays as the solicitation agent and
tabulation agent for the Consent Solicitations. The Consent
Solicitations are subject to the terms and conditions of the
relevant Consent Solicitation Statement and the relevant VIF,
including with respect to the timing for delivering Consents and
the effectiveness of the Proposed Amendment.
None of Barclays, Broadridge, The Bank of New York Mellon (in
its capacity as indenture trustee for the ETNs) or any of their
respective subsidiaries or affiliates makes any recommendation as
to whether beneficial owners of the ETNs should deliver Consents to
the Proposed Amendment pursuant to the Consent Solicitations, and
no one has been authorized by any of them to make such a
recommendation. The Consent Solicitation Statements and the VIFs,
which contain important information regarding the terms and
conditions of the Consent Solicitations and the respective rights
and obligations of Barclays and the beneficial owners of the ETNs,
should be read before any decision is made with respect to the
Consent Solicitations.
Any questions or requests for assistance concerning the Consent
Solicitations may be directed to Broadridge, the solicitation agent
and tabulation agent for the Consent Solicitations, at the
following address and telephone number:
Broadridge Financial Solutions, Inc. 1155 Long Island Avenue,
Edgewood, NY 11717 Attn: Barclays Commodities Consent Solicitation
Consents may be submitted as follows:
By First Class Mail:Proxy ServicesP.O. Box 9175
Farmingdale, NY 11735-9847
By Courier:Broadridge Financial Solutions, Inc.1155 Long Island
Ave.
Edgewood, NY 11717
By Electronic Communication:www.proxyvote.com To Confirm Please
Call:1-855-601-2252
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.
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 Energy 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.
© 2016 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
Barclays is a transatlantic consumer,
corporate and investment 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 130,000 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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version on businesswire.com: http://www.businesswire.com/news/home/20160429006126/en/
Press:Andrew Smith, +1 212 412
7521andrew.x.smith@barclays.com
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