Barclays PLC - BCS STOCK NEWS

Barclays Bank PLC has amended the purchase price for certain series of its exchange-traded notes (ETNs) in its ongoing cash tender offers and consent solicitations. The updated purchase prices affect two ETN series: the iPath® CBOE S&P 500 BuyWrite Index ETN at $120.00 (from $110.9504) and the iPath® Bloomberg Livestock Subindex Total Return ETN at $24.00 (from $21.9795). The expiration date remains November 20, 2024, with payment scheduled for November 26, 2024.

The purchase prices reflect a premium to the Closing Indicative Note Value as of November 4, 2024, though they may be lower than the trading price on the expiration date. Previously tendered notes remain valid under the amended terms.

General Motors (NYSE: GM) and Barclays US Consumer Bank have entered into a long-term partnership agreement for Barclays to become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the United States starting next summer. The partnership aims to enhance loyalty and engagement with millions of GM customers.

Key points:

• GM has the largest customer base of any automaker in the US
• The GM credit card portfolio, launched in 1992, is one of the nation's longest-tenured cobrand credit card programs
• Cardmembers can earn and redeem rewards on new Chevrolet, Cadillac, Buick, and GMC vehicles, including GM's new electric vehicle lineup
• Barclays will acquire the card program's receivables from the current issuer next year
• The partnership aligns with Barclays' growth strategy to establish partnerships with America's best brands

Barclays has appointed Bradley Rogoff as Global Head of Research, effective 1 October 2024. Mr. Rogoff, currently Head of FICC Research, will report to Stephen Dainton, Head of Investment Bank Management and President, BBPLC. He will join key management teams and chair the Research Executive Forum.

Mr. Rogoff joined Lehman Brothers in 2002 and transitioned to Barclays in 2008 following its acquisition. Under his leadership, Barclays has achieved top rankings in Fixed Income Research and Credit Strategy. The bank recently ranked in the Top 5 for European Equity Research and secured the #1 position for UK Research.

Stephen Dainton praised Mr. Rogoff's deep knowledge and track record, stating that he is the right choice to lead Barclays' research strategy forward, focusing on delivering innovative and differentiated content for clients in a changing environment.

Barclays Bank PLC has announced updates to its cash tender offers and consent solicitations for five series of exchange-traded notes (ETNs). The bank has:

• Determined results for one expired series (iPath® Bloomberg Platinum Subindex Total Return℠ ETN)
• Extended the expiration deadline to November 20, 2024, for four other series
• Amended the purchase price for certain extended series

For the expired series, Barclays accepted 40,542 notes at $22.00 per note, totaling $891,924. The settlement date is October 2, 2024. For the extended series, the purchase prices range from $6.00 to $115.00 per note, reflecting a premium to the Closing Indicative Note Value as of September 25, 2024. Barclays may further amend the offers based on changes in the applicable Closing Index Levels.

Barclays has announced two key appointments to strengthen its Investment Banking leadership in Canada. Greg Petit will join as Head of Infrastructure, Power and Utilities for Canada, based in Toronto. Ken Davis will become Head of Western Canadian Coverage, based in Calgary. Both will report to Ryan Voegeli, Head of Investment Banking for Canada.

Petit, with nearly 20 years of experience, was previously at BMO Capital Markets. Davis, also with two decades of experience, joins from Citi. These appointments follow Stephen Stewart's recent hiring as Head of M&A Execution for Canada, underlining Barclays' commitment to investing in top talent and expanding its Canadian presence.

Barclays has been serving clients in Canada for almost a century, offering Investment Banking, Global Markets, and Global Research coverage. These strategic hires aim to enhance Barclays' ability to provide specialized advice in key sectors like infrastructure, power, utilities, and energy transition.

Barclays has announced three key appointments in its Industrials Investment Banking team. Derek McNulty joins as Global Co-Head of Chemicals, Derek Davidson as Head of Americas Commercial, Residential and Industrials Services, and Jared Itkowitz as Head of Americas Transportation and Logistics. All three will be based in New York, reporting to Spyros Svoronos, Global Head of Industrials Investment Banking.

These strategic hires aim to strengthen Barclays' global Industrials franchise, which is a key component of their investment banking business. The bank has recently played significant roles in major transactions, including Koch's $3.6bn acquisition of IFCO and LATAM Airlines Group's $456mm IPO. Barclays currently ranks sixth globally in Industrials across all products, according to Dealogic data.

Barclays (BCS) has appointed Abhishek Singhal as a Managing Director within Technology Investment Banking, focusing on the Payments sector. Based in New York, Singhal will report to Kristin Roth DeClark, Global Head of Technology Investment Banking. This appointment strengthens Barclays' Payments coverage, led by Gary Katz.

Singhal joins from Citigroup, where he was a Managing Director in FinTech Investment Banking. His notable transactions include advising on GTCR's $18bn take-private of Worldpay and EVO Payments' $4bn sale to Global Payments. This hire follows recent strategic appointments, including David King as Global Head of Technology M&A and Rob Patterson as Head of Data & Information Platforms Coverage.

Barclays (BCS) has appointed Rob Patterson as Head of Data & Information Platforms Coverage within its Technology Investment Banking business. Patterson, with over 20 years of experience, joins from Morgan Stanley where he was a Managing Director. He will be based in New York, reporting to Kristin Roth DeClark, Global Head of Technology Investment Banking.

This appointment follows other strategic hires, including David King as Global Head of Technology M&A. Barclays has recently played key roles in significant transactions, such as advising on CVC's acquisition of Epicor and Nuvei 's $6.3bn sale to Advent International. The bank also led Arm's $4.9bn IPO in September 2023, the largest IPO Barclays has ever led.

Barclays Bank PLC has amended the Purchase Price for certain series of its outstanding exchange-traded notes (ETNs) in its ongoing cash tender offers and consent solicitations. The amended prices apply to the iPath® CBOE S&P 500 BuyWrite IndexSM ETN (BWVTF) and iPath® Bloomberg Platinum Subindex Total ReturnSM ETN (PGMFF). The new Purchase Prices reflect a premium to the Closing Indicative Note Value as of September 10, 2024.

Key points:

• BWVTF: New Purchase Price $115.00 (previous Closing Indicative Value $108.77)
• PGMFF: New Purchase Price $22.00 (previous Closing Indicative Value $18.59)
• Expiration Date remains September 25, 2024
• Payment Date is October 2, 2024, unless extended or terminated early