Barclays Bank PLC (“Barclays”) announced today that it
will exercise its issuer call option and redeem in full its iPath®
S&P GSCI® Crude Oil Total Return Index ETNs due August 14, 2036
(CUSIP: 06738C760; Ticker: OILNF) (the “ETNs”) on January
25, 2023 (the “Redemption Date”).
After obtaining the requisite consents in connection with
Barclays’ cash tender offer and consent solicitation, Barclays, on
January 5, 2023, amended the ETNs’ indenture and global certificate
to provide Barclays with the right to redeem, in its sole
discretion, all, but not less than all, of its outstanding ETNs, on
the Redemption Date. Please see the related press release (link
below) for further details regarding the tender offer and consent
The “Valuation Date” for the redemption of the ETNs will
be January 18, 2023, the fifth business day prior to the Redemption
Date. A holder of the ETNs on the Redemption Date will receive a
cash payment per ETN in an amount equal to the principal amount of
the holder’s ETNs times the Index Factor (as defined in the
prospectus relating to the ETNs) on the Valuation Date minus the
Investor Fee (as defined in the prospectus relating to the ETNs) on
the Valuation Date.
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
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
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 ETNs and Barclays Capital Inc. is
the issuer’s agent in the distribution. Please contact Barclays for
- Financial advisors: Directly contact Barclays at
email@example.com or 1-212-528-7990 to obtain further
- Individual investors: Instruct your broker/advisor/custodian to
email us at firstname.lastname@example.org 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.
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 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.
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
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
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.
© 2023 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
NOT FDIC INSURED · NO BANK
GUARANTEE · MAY LOSE VALUE
version on businesswire.com: https://www.businesswire.com/news/home/20230106005046/en/
Matt Scully +1 212 526 7844 Matthew.Scully@Barclays.com
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