NEW YORK–(BUSINESS WIRE)–Barclays announced today that effective Thursday, August 31, 2017, T+2
settlement will be accommodated on early redemption orders by holders of
exchange traded notes (“ETNs”) issued by Barclays Bank PLC.
The change is being made in light of the SEC amendments to Rule
15c6-1(a) under the Securities Exchange Act of 1934 to shorten the
standard settlement cycle for securities trades from T+3 to T+2.
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
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 relevant series of 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
For further information, please instruct your broker/advisor/custodian
to email us at firstname.lastname@example.org
or alternatively, your broker/ advisor/custodian can call us at:
Selected Risk Considerations
An investment in 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.
A Trading Market for the ETNs May Not Develop: Although the ETNs
are listed on a national stock exchange, 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.
Restrictions on the Minimum Number of ETNs and Date Restrictions for
Redemptions: Please refer to the respective ETN prospectus to
identify the minimum number of ETNs (e.g. 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 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. 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.
© 2017 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 85,000 people. Barclays moves, lends, invests
and protects money for customers and clients worldwide.
Barclays Bank PLC
Andrew Smith, 212-412-7521