Barclays Announces Reductions of Minimum Early Redemption Size of Certain Commodity ETNs

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    NEW YORK–(BUSINESS WIRE)–Barclays Bank PLC (“Barclays” or the “Issuer”) announced a temporary
    reduction of the minimum early redemption size of certain series of ETNs
    as specified in the table below (together, the “ETNs”). Currently
    holders of the ETNs are required to redeem a minimum number of ETNs, as
    specified below, at one time in order to exercise the right to redeem
    the ETNs directly with the Issuer. Barclays will temporarily reduce the
    required minimum early redemption size for each series of ETNs as
    specified below so that holders may redeem the ETNs of the relevant
    series on any redemption date with the reduced minimum size.

    These changes will be effective after the close of trading on
    April 30, 2019 and will be effective for the next year ending on and
    including April 30, 2020, unless extended by Barclays at its sole
    discretion. Any such future modification will be applied on a consistent
    basis for all holders of the ETNs at the time such modification becomes
    effective.

     

            Current minimum   Reduced minimum
    Underlying Index Underlying Index

    early redemption

    early redemption

    ETN Name   ETN Ticker   Name   Ticker  

    size (# of ETNs)

     

    size (# of ETNs)

    iPath® S&P GSCI™
    Total Return Index S&P GSCI Total
    ETN   GSP   Return Index   SPGSCITR   30,000   5,000
    iPath® Bloomberg Lead Bloomberg Lead
    Subindex Total Return Subindex Total
    ETN   LD   Return   BCOMPBTR   30,000   5,000
    iPath® Bloomberg Cocoa Bloomberg Cocoa
    Subindex Total Return Subindex Total
    ETN   NIB   Return   BCOMCCTR   30,000   5,000
    iPath® Series B S&P
    GSCI™ Crude Oil S&P GSCI Crude
    Total Return Index Oil Total
    ETN   OIL   Return   SPGSCLTR   50,000   5,000
    iPath® Series B Bloomberg
    Bloomberg Natural Gas Natural Gas
    Subindex Total Return Subindex Total
    ETN   GAZ   Return   BCOMNGTR   50,000   5,000
    iPath® Series B Bloomberg
    Bloomberg Agriculture Agriculture
    Subindex Total Return Subindex Total
    ETN   JJA   Return   BCOMAGTR   50,000   5,000
    iPath® Series B Bloomberg
    Bloomberg Aluminum Aluminum
    Subindex Total Return Subindex Total
    ETN   JJU   Return   BCOMALTR   50,000   5,000
    iPath® Series B
    Bloomberg Coffee Bloomberg Coffee
    Subindex Total Return Subindex Total
    ETN   JO   Return   BCOMKCTR   50,000   5,000
    iPath® Series B
    Bloomberg Copper Bloomberg Copper
    Subindex Total Return Subindex Total
    ETN   JJC   Return   BCOMHGTR   50,000   5,000
    iPath® Series B
    Bloomberg Cotton Bloomberg Cotton
    Subindex Total Return Subindex Total
    ETN   BAL   Return   BCOMCTTR   50,000   5,000
    iPath® Series B
    Bloomberg Energy Bloomberg Energy
    Subindex Total Return Subindex Total
    ETN   JJE   Return   BCOMENTR   50,000   5,000
    iPath® Series B
    Bloomberg Grains Bloomberg Grains
    Subindex Total Return Subindex Total
    ETN   JJG   Return   BCOMGRTR   50,000   5,000
    iPath® Series B Bloomberg
    Bloomberg Industrial Industrial
    Metals Subindex Total Metals Subindex
    Return ETN   JJM   Total Return   BCOMINTR   50,000   5,000
    iPath® Series B Bloomberg
    Bloomberg Livestock Livestock
    Subindex Total Return Subindex Total
    ETN   COW   Return   BCOMLITR   50,000   5,000
    iPath® Series B
    Bloomberg Nickel Bloomberg Nickel
    Subindex Total Return Subindex Total
    ETN   JJN   Return   BCOMNITR   50,000   5,000
    iPath® Series B
    Bloomberg Platinum Bloomberg
    Subindex Total Return Platinum
    ETN   PGM   Subindex TR   BCOMPLTR   50,000   5,000
    iPath® Series B Bloomberg
    Bloomberg Precious Precious Metals
    Metals Subindex Total Subindex Total
    Return ETN   JJP   Return   BCOMPRTR   50,000   5,000
    iPath® Series B
    Bloomberg Softs Bloomberg Softs
    Subindex Total Return Subindex Total
    ETN   JJS   Return   BCOMSOTR   50,000   5,000
    iPath® Series B
    Bloomberg Sugar Bloomberg Sugar
    Subindex Total Return Subindex Total
    ETN   SGG   Return   BCOMSBTR   50,000   5,000
    iPath® Series B
    Bloomberg Tin Bloomberg Tin
    Subindex Total Return Subindex Total
    ETN   JJT   Return   BCOMSNTR   50,000   5,000
    Barclays Capital
    iPath® Pure Beta Broad Commodity Index
    Commodity ETN   BCM   Pure Beta TR   BCC1C1PT   50,000   5,000
    Barclays Capital
    WTI Crude Oil
    iPath® Pure Beta Crude Pure Beta TR
    Oil ETN   OLEM   Index   BCC2CLPT   50,000   5,000
     

    All of the ETNs trade on the NYSE Arca stock exchange.

    The obligation of Barclays to accept any early redemption of ETNs,
    including with the reduced minimum redemption size as specified herein,
    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.

    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/LDprospectus
    http://www.ipathetn.com/NIBprospectus
    http://www.ipathetn.com/GSPprospectus
    http://www.ipathetn.com/BALprospectus
    http://www.ipathetn.com/COWprospectus
    http://www.ipathetn.com/JJAprospectus
    http://www.ipathetn.com/JJCprospectus
    http://www.ipathetn.com/JJEprospectus
    http://www.ipathetn.com/JJGprospectus
    http://www.ipathetn.com/JJMprospectus
    http://www.ipathetn.com/JJNprospectus
    http://www.ipathetn.com/JJPprospectus
    http://www.ipathetn.com/JJSprospectus
    http://www.ipathetn.com/JJTprospectus
    http://www.ipathetn.com/JJUprospectus
    http://www.ipathetn.com/JOprospectus
    http://www.ipathetn.com/SGGprospectus
    http://www.ipathetn.com/PGMprospectus
    http://www.ipathetn.com/GAZprospectus
    http://www.ipathetn.com/OILprospectus
    http://www.ipathetn.com/BCMprospectus
    http://www.ipathetn.com/OLEMprospectus

    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 [email protected]
    or alternatively, your broker/advisor/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 change 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.

    Issuer Redemption: If specified in the applicable prospectus,
    Barclays Bank PLC will have the right to redeem or “call” a series of
    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.

    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 funds. The
    ETNs can therefore experience greater volatility than other funds or
    investments.

    Barclays Pure Beta Series 2 Methodology: The Barclays Pure Beta
    Series 2 Methodology seeks to mitigate distortions in the commodities
    markets associated with investment flows and supply and demand
    distortions. However, there is no guarantee that the Pure Beta Series 2
    Methodology will succeed in these objectives and an investment in the
    ETNs linked to indices using this methodology may underperform compared
    to an investment in a traditional commodity index linked to the same
    commodities.

    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
    : Except in the circumstances described above, you must
    redeem at least the minimum number of ETNs specified in the applicable
    prospectus 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.

    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.

    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 & Poors 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.

    The Barclays Pure Beta Commodity Indices are trademarks 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

     

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    Press:
    Brittany Berliner
    +1 212 5264894
    [email protected]