Barclays Announces the Redemption of Six iPath® ETNs

Rhea-AI Summary

Barclays Bank PLC announced the full redemption of multiple iPath® ETNs, including the Pacer iPath® Gold ETN (GBUG), iPath® Silver ETN (SBUG), and others, effective December 28, 2022. Holders on the Redemption Date will receive cash payments equal to the closing indicative value on designated Valuation Dates, with trading suspended on December 15 for iPath® S&P MLP ETN and December 21 for others. Investors are advised to understand potential risks associated with the ETNs as outlined in the prospectus.

Positive

• Barclays demonstrating proactive management by exercising its redemption option on ETNs.
• Investors can receive cash payments that may reflect favorable market conditions on the Valuation Date.

Negative

• Redemption of ETNs may indicate declining interest or performance in the underlying assets.
• Investors may face market volatility and potential losses if ETNs are sold prior to redemption.

NEW YORK--(BUSINESS WIRE)-- Barclays Bank PLC (“Barclays”) announced today that it will exercise its issuer call option and redeem in full each series of iPath^® ETNs (the “ETNs”) listed in the table below on December 28, 2022 (the “Redemption Date”).

Name of ETN	Ticker	Exchange	CUSIP
Pacer® iPath® Gold ETN	GBUG	NYSE Arca	06747D809
iPath® Silver ETN	SBUG	NYSE Arca	06747D700
Pacer® iPath® Gold Trendpilot ETN	PBUG	NYSE Arca	06747T382
iPath® S&P MLP ETN	IMLP	CBOE BZX	06742A750
iPath® Women in Leadership ETN	WIL	CBOE BZX	06742W430
iPath® Return on Disability ETN	RODI	CBOE BZX	06740D830

As described in the prospectus for each series of ETNs listed above, Barclays, as issuer of the ETNs, may redeem the ETNs in its sole discretion on any trading day on or after the inception date until maturity. Holders of such ETNs on the Redemption Date will receive a cash payment per ETN equal to the closing indicative value of the ETNs (as defined in the prospectus relating to the ETNs) on December 20, 2022 (the “Valuation Date”), the fifth business day prior to the Redemption Date, except that in the case of the iPath^® S&P MLP ETN, holders of such ETN on the Redemption Date will receive a cash payment per ETN equal to the closing indicative value of the ETNs on the Valuation Date of December 14, 2022 (which will reflect the applicable closing VWAP level calculated by reference to the arithmetic mean of the VWAP levels of the underlying index as of the close of trading on each of the five index business days from and including such Valuation Date). Trading of the ETNs will be suspended before the market open on December 15, 2022, in the case of the iPath^® S&P MLP ETN, or on December 21, 2022, in the case of each other series of ETNs.

For more information regarding the issuer redemption, including how the redemption value is determined, please see the prospectus relating to each affected series of ETNs under the headings “Specific Terms of the ETNs—Payment Upon Holder Redemption and Issuer Redemption” and “Specific Terms of the ETNs—Early Redemption Procedures—Issuer Redemption Procedures”.

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 relevant series of ETNs and will be valued using the applicable closing indicative value on the valuation date for the transaction, in each case in accordance with the prospectus for the relevant series of 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 relevant series of 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 each series of 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 each of the ETNs listed in the tables above at ipathetn.barclays.

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 Bank is the issuer of the ETNs and Barclays Capital Inc. is the issuer’s agent in the distribution. Please contact Barclays Bank for further questions:

• Financial advisors: Directly contact Barclays Bank 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, or the Volume Weighted Average Price (“VWAP”) level, in the case of the iPath^® S&P MLP ETN, between the inception date and the applicable valuation date. Additionally, if the level of the underlying index or the VWAP level 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 or the VWAP 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 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, if 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: Barclays Bank PLC will have the right to redeem or call the 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.

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 U.S. stock markets or the U.S. Treasury market, 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.

A Trading Market for the ETNs May Not Develop: Although the ETNs are listed on a U.S. national securities 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.

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.

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.

© 2022 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/20221205005813/en/

Matt Scully

212-526-7844

Matthew.Scully@Barclays.com

Source: Barclays Bank PLC

FAQ

What is the redemption date for the iPath ETNs issued by Barclays?

The redemption date for the iPath ETNs is December 28, 2022.

How will the redemption value be calculated for the iPath Women in Leadership ETN (WIL)?

The redemption value for the iPath Women in Leadership ETN on December 28, 2022, will be based on the closing indicative value on the Valuation Date of December 20, 2022.

When will trading of the iPath S&P MLP ETN (IMLP) be suspended?

Trading of the iPath S&P MLP ETN will be suspended before the market opens on December 15, 2022.

What should investors consider before redeeming their iPath ETNs?

Investors should consider the risks outlined in the prospectus and evaluate market conditions before redeeming their iPath ETNs.

Which iPath ETNs are being redeemed by Barclays?

Barclays is redeeming several iPath ETNs including the Pacer iPath® Gold ETN (GBUG), iPath® Silver ETN (SBUG), and iPath Women in Leadership ETN (WIL).