Barclays Bank PLC (“Barclays”) announced today that the NASDAQ
exchange (the “Exchange”) has notified Barclays that the listing of
the iPath® US Treasury 2-year Bull ETN (the “ETNs”) (Ticker: DTUL)
no longer complies with certain of the Exchange’s continued listing
criteria. Specifically, the Exchange has determined that the ETNs
have a publicly held market value of less than $400,000 (see the
Exchange listing rule 5710(k)(iv)(C)(2)(a)), as calculated pursuant
to the Exchange’s listing rules that are required for continued
listing.
As per the Exchange’s listing rule 5005(a)(23), the Exchange
uses the closing bid prices of the ETNs multiplied by the estimated
ETN shares held by non-concentrated holders1 using publicly
available data to determine the publicly held market value of the
ETNs.
The Index underlying the ETNs is the Barclays 2Y US Treasury
Futures Targeted Exposure Index™ (the "Index").
In case the ETNs continue not to meet the required continued
listing criteria after a period of 45 days as specified in the
Exchange’s listing rules, the Exchange may commence delisting
proceedings for the ETNs.
The ETN holders’ option to require Barclays to repurchase the
ETNs will not be affected by this notice and will remain even if
the Exchange takes action in the future to delist the ETNs.
Barclays also announced on September 4, 2018, the waiver of the
minimum early redemption size of 20,000 ETNs until the maturity of
the ETNs on July 12, 2021. Please refer to the press release on
September 4, 2018 for more details.
The obligation of Barclays to accept any early redemption of
ETNs 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 date 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
vs. 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, 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.
Daily redemptions at the option of the holders of the ETNs
continue to stay open. The prospectus relating to the ETNs can be
found on EDGAR, the SEC website at: www.sec.gov, as well as on the
respective product websites at www.iPathETN.com/DFVLprospectus.
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.
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 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.
The Underlying U.S. Treasury Note or Bond Yield May
Increase, Decrease or Remain Unchanged Over the Term of Your
ETNs: The return on your ETNs is linked to the performance
of the underlying index, which corresponds to changes in the
underlying U.S. Treasury note or bond yield. Changes in the
underlying U.S. Treasury note or bond yield are affected by a
number of unpredictable factors, and such factors may cause the
underlying U.S. Treasury note or bond yield to increase, decrease
or remain unchanged over the term of your ETNs.
There is No Guarantee that the Index Level Will Decrease or
Increase by 1.00 Point For Every 0.01% Change in the Level of the
Underlying U.S. Treasury Note or
Bond Yield: Reasons why this might occur include:
market prices for underlying U.S. Treasury note or bond futures
contracts may not capture precisely the underlying changes in the
U.S. Treasury note or bond yield; the index calculation methodology
uses approximation; and the underlying U.S. Treasury note or bond
weighting is rebalanced monthly.
Due to the Index Multiplier, Any Changes in the Value of Your
ETNs Will Not Occur at the Same Rate as the Corresponding Changes
in the Value of the Underlying Index: The ETNs apply an
index multiplier, the effect of which is to adjust and invert the
rate at which the value of the ETNs changes in response to changes
in the underlying index level.
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 or U.S. Treasury markets, 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 NASDAQ, 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
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. Notwithstanding the foregoing, beginning after the
close of trading on September 4, 2018, we have waived the minimum
redemption amount so that you may exercise your right to redeem
your ETNs on any redemption date with no minimum amount. Our waiver
of the minimum redemption amount will be available to any and all
holders of the ETNs on such early redemption dates and will remain
in effect until we announce otherwise. We may, at any time and in
our sole discretion, make further modifications to the minimum
redemption amount, including, among others, to reinstate the
minimum redemption amount of 20,000 ETNs for all redemption dates
after such further modification. Any such modification will be
applied on a consistent basis for all holders of the ETNs at the
time such modification becomes effective.
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.
"Barclays Long Bond US Treasury Futures Targeted Exposure
IndexTM" is a trademark of Barclays Bank PLC.
© 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
______________________
1 NASDAQ uses publicly available filings (such as 13-F reports)
to determine the insider holdings as defined under the Exchange
rules. This holding is then subtracted from the total shares
outstanding of the ETN. Insider holdings include shares held by
officers, directors or shareholders holding 10% or more of the
total shares outstanding of the ETN.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190424005593/en/
Press Contact:Brittany Berliner+1 212
5264894Brittany.Berliner@barclays.com
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