Barclays Announces the Redemption of iPath® S&P GSCI® Crude Oil Total Return Index ETNs
Barclays Bank PLC has announced the exercise of its issuer call option to fully redeem its iPath® S&P GSCI® Crude Oil Total Return Index ETNs (Ticker: OILNF) on January 25, 2023. The redemption will occur after obtaining consent for amendments to the ETNs’ indenture, allowing Barclays to redeem all outstanding ETNs. The valuation date for the redemption is set for January 18, 2023. Investors are advised to review the associated risks and procedures outlined in the ETNs’ prospectus before making investment decisions.
- Barclays has successfully amended the ETNs' indenture, allowing for issuer redemption.
- The planned redemption date provides a clear timeline for investors.
- The ETNs carry significant risks and lack principal protection.
- Investors could face losses if market conditions negatively impact the ETNs' value.
After obtaining the requisite consents in connection with Barclays’ cash tender offer and consent solicitation, Barclays, on
https://indices.barclays/dms/Public%20marketing/Barclays_Bank_PLC_Announces_Results_of_Cash_Tender_Offer_and_Consent_Solicitation_for_its_OILNF_ETN.pdf
The “Valuation Date” for the redemption of the ETNs will be
Holders of ETNs subject to issuer redemption may choose to continue to hold their ETNs until the Redemption Date or choose to sell/redeem their ETNs at a suitable time prior to that. Any redemption of ETNs is subject to the conditions and procedures described in the prospectus for the ETNs and will be valued on the valuation date for the transaction as described in the section “Specific Terms of the ETNs—Payment Upon Redemption” of the prospectus relating to the ETNs. The procedures for redemption 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.
Anyone considering investing in the ETNs or continuing to hold the ETNs should consider the risks described in the prospectus for the ETNs when making an investment decision and consult with their broker or financial adviser to evaluate their investment in the ETNs.
The pricing supplement and prospectus relating to the ETNs can be found on EDGAR, the SEC’s website at www.sec.gov, as well as on the product website at the product page for the ETNs at ipathetn.barclays/OILNF.
An investment in the ETNs involves significant risks and may not be suitable for all investors. The ETNs are riskier than ordinary unsecured debt securities and do not benefit from any 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 pricing supplement.
Barclays is the issuer of the
- 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. For further information about Barclays, please visit our website www.barclays.com.
Selected Risk Considerations
An investment in the 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 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
Issuer Redemption:
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 commodity markets, the
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.
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 as specified in the pricing supplement, you must redeem at least the minimum number of ETNs specified in the pricing supplement 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.
To the extent that a secondary market exists, the ETNs may be sold throughout the day 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.
The S&P GSCI® Total Return Index and the S&P GSCI® Crude Oil Total Return Index (the “S&P GSCI Indices”) are products of
© 2023
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE |
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+1 212 526 7844
Matthew.Scully@Barclays.com
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FAQ
What is the redemption date for Barclays' ETNs (Ticker: OILNF)?
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