Barclays Bank PLC (“Barclays”)
announced today that it will exercise its issuer call option and
redeem, in full, its iPath® Bloomberg Natural Gas Subindex Total
ReturnSM ETNs due October 22, 2037 (Ticker: GAZZF / CUSIP:
06739H644 / ISIN: US06739H6449)(the “ETNs”)
on October 29, 2021 (the
“Redemption Date”).
The ETNs currently trade in the over-the-counter markets under the
ticker symbol “GAZZF”.
After obtaining the requisite
consents in connection with Barclays’ cash tender offer and consent
solicitation, Barclays, on October 18, 2021, amended the ETNs’
indenture and global certificate, to provide Barclays with the
right to redeem, in its sole discretion, all, but not less than
all, of its outstanding ETNs, on the Redemption Date. Please see
the related press release (link below) for further details
regarding the tender offer and consent solicitation.
https://barxis.barcap.com/file.app?action=shared&path=iPath/US/Press/GAZZF%20Tender%20Final%20Results%20Press%20Release.pdf
The “Valuation
Date” for the redemption of
the ETNs will be October 22, 2021. A holder of the ETNs on the
Redemption Date will receive a cash payment per ETN in an amount
equal to the principal amount of the holder’s ETNs times the Index
Factor (as defined in the prospectus relating to the ETNs) on the
Valuation Date minus the Investor Fee (as defined in the prospectus
relating to the ETNs) on such Valuation Date.
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 for the ETNs to which this communication relates
can be found at: http://ipathetn.com/gazzf.
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:
- Directly contact Barclays at etndesk@barclays.com or
1-212-528-7990 to obtain further information
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 customers and
clients, and by geography. Our businesses include consumer banking
and payments operations around the world, as well as a full-service
corporate and investment bank.
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 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.
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, 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.
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
investments. The ETNs can therefore experience greater volatility
than other investments.
A Trading Market for the ETNs May Not Develop: 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 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. The ETNs may be sold
throughout the day through certain brokerage accounts. 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 Natural Gas Subindex Total ReturnSM” is a service
mark of Bloomberg Finance L.P. and its affiliates (collectively,
“Bloomberg”) and has 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 Securities LLC (“UBS”), or any of their subsidiaries or
affiliates. None of Bloomberg, 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.
© 2021 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211019005573/en/
Press: Danielle Popper +1 212 526 5963
Danielle.Popper@barclays.com
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