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Barclays Bank PLC Announces End of Consent Solicitation for Select iPath® Commodities ETNs

PGMFF, JJCTF, JJETF, JJGTF, COWTF

Barclays Bank PLC (“Barclays”) announced today that it has concluded its consent solicitation (the “Consent Solicitation”) for select issues of iPath® Commodities Exchange-Traded Notes (each, an “issue” and collectively, the “ETNs”) set forth in the table below. Barclays has received the consents to make the proposed amendments described below (collectively, the “Proposed Amendment”) from holders of a majority in aggregate principal amount (the “Required Consents”) of each of the four issues of ETNs noted in the table below.

For these four issues of ETNs, Barclays has declared 5:00 pm, New York City time, on March 31, 2015, as the “Effective Time” for the consents received and plans to enter into a supplemental indenture to make the Proposed Amendment within 30 days of the Effective Time and will file an amended pricing supplement reflecting the Proposed Amendment for such issues of ETNs. For the remaining issues of ETNs for which the Required Consents were not received, the Consent Solicitation has concluded as of 5:00 pm, New York City time, on March 31, 2015, and the Proposed Amendment will not be made with respect to those issues of ETNs.

The ETNs subject to the Consent Solicitation trade on the NYSE Arca exchange under the following ticker symbols:

 

Name of ETN

       

Ticker

Symbol

       

Required

Consents

Received

iPath® Bloomberg Commodity Index Total ReturnSM ETN

        DJP         YES

iPath® Bloomberg Cocoa Subindex Total ReturnSM ETN

NIB YES

iPath® Bloomberg Lead Subindex Total ReturnSM ETN

LD YES

iPath® S&P GSCI® Total Return Index ETN

GSP YES

iPath® Bloomberg Livestock Subindex Total ReturnSM ETN

COW NO

iPath® Bloomberg Agriculture Subindex Total ReturnSM ETN

JJA NO

iPath® Bloomberg Softs Subindex Total ReturnSM ETN

JJS NO

iPath® Bloomberg Grains Subindex Total ReturnSM ETN

JJG NO

iPath® Bloomberg Energy Subindex Total ReturnSM ETN

JJE NO

iPath® Bloomberg Industrial Metals Subindex Total ReturnSM ETN

JJM NO

iPath® Bloomberg Precious Metals Subindex Total ReturnSM ETN

JJP NO

iPath® Bloomberg Cotton Subindex Total ReturnSM ETN

BAL NO

iPath® Bloomberg Coffee Subindex Total ReturnSM ETN

JO NO

iPath® Bloomberg Sugar Subindex Total ReturnSM ETN

SGG NO

iPath® Bloomberg Copper Subindex Total ReturnSM ETN

JJC NO

iPath® Bloomberg Nickel Subindex Total ReturnSM ETN

JJN NO

iPath® Bloomberg Tin Subindex Total ReturnSM ETN

JJT NO

iPath® Bloomberg Aluminum Subindex Total ReturnSM ETN

JJU NO

iPath® Bloomberg Platinum Subindex Total ReturnSM ETN

PGM NO

iPath® Bloomberg Natural Gas Subindex Total ReturnSM ETN

GAZ NO

iPath® S&P GSCI® Crude Oil Total Return Index ETN

OIL NO

iPath® Global Carbon ETN

GRN NO
 

The terms and conditions under which Barclays solicited consents were set forth in the Consent Solicitation Statements for the ETNs, one dated February 11, 2014 for the iPath® Bloomberg Coffee Subindex Total ReturnSM ETN (the “Coffee ETNs”) and one dated November 19, 2013 for the ETNs other than the Coffee ETNs (together, the “Consent Solicitation Statements”) and the accompanying Voter Instruction Forms (the “VIFs”). Consents were solicited from each person in whose name beneficial ownership of an issue of ETNs was recorded as of 5:00 p.m., Eastern Standard Time, on the respective record dates for the Consent Solicitations, which was January 28, 2014 for the Coffee ETNs and November 8, 2013 for all issues of ETNs other than the Coffee ETNs.

The Proposed Amendment will amend the terms of the four issues for which the Required Consents were received to provide Barclays with the following unqualified rights as of the date on which the Proposed Amendment is made effective:

• the right to redeem all, but not less than all, of the outstanding ETNs of that issue of ETNs, prior to maturity, on the terms described in the Consent Solicitation Statements; and

• the right to initiate a split or reverse split of the ETNs of that issue on the terms described in the Consent Solicitation Statements.

In addition, the Proposed Amendment would also amend the terms of these four issues as follows:

• the investor fee for that issue of ETNs would be reduced during the period from the Effective Time of the Proposed Amendment for that issue to the maturity date of the ETNs of that issue. The reduced investor fee would be an amount equal to 0.70% per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis. The current investor fee is an amount equal to 0.75% per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis.

• the minimum number of ETNs of that issue required to be redeemed for a holder to exercise its right to redeem ETNs of such issue prior to maturity will be reduced from 50,000 ETNs to 30,000 ETNs.

About iPath® ETNs

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 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.

Selected Risk Considerations

An investment in the iPath ETNs described herein (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.

Market and Volatility Risk: The prices of physical commodities, including the commodities underlying the index components, can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Additionally, the market value of the ETNs may be influenced by many unpredictable factors including changes in supply and demand relationships, governmental policies and economic events.

A Trading Market for the ETNs May Not Develop: Although the ETNs are listed on NYSE Arca, 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: You must redeem at least 50,000 ETNs (30,000 ETNs if the Proposed Amendment is accepted for an issue) of the same issue 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.

Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you request it by calling toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering.

BlackRock Investments, LLC, assists in the promotion of the ETNs.

The ETNs may be sold throughout the day on the exchange through any brokerage account. There are restrictions on the minimum number of ETNs you may redeem directly with the issuer as specified in the applicable prospectus. 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.

“Bloomberg®”, “Bloomberg Commodity IndexSM”, “Bloomberg Commodity Index Total ReturnSM”, “Bloomberg Agriculture Subindex Total ReturnSM”, “Bloomberg Aluminum Subindex Total ReturnSM”, “Bloomberg Cocoa Subindex Total ReturnSM”, “Bloomberg Coffee Subindex Total ReturnSM”, “Bloomberg Copper Subindex Total ReturnSM”, “Bloomberg Cotton Subindex Total ReturnSM”, “Bloomberg Energy Subindex Total ReturnSM”, “Bloomberg Grains Subindex Total ReturnSM”, “Bloomberg Industrial Metals Subindex Total ReturnSM”, “Bloomberg Lead Subindex Total ReturnSM”, “Bloomberg Livestock Subindex Total ReturnSM”, “Bloomberg Natural Gas Subindex Total ReturnSM”, “Bloomberg Nickel Subindex Total ReturnSM”, “Bloomberg Platinum Subindex Total ReturnSM”, “Bloomberg Precious Metals Subindex Total ReturnSM”, “Bloomberg Softs Subindex Total ReturnSM”, “Bloomberg Sugar Subindex Total ReturnSM”, “Bloomberg Tin Subindex Total ReturnSM” and “BCOM” are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Barclays Bank PLC. Any ETNs based on the indices are not sponsored, endorsed, sold or promoted by Bloomberg, UBS AG, UBS Securities LLC (“UBS”), or any of their subsidiaries or affiliates. None of Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of or counterparties to the ETNs or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs particularly.

The S&P GSCI® Index S&P GSCI® Total Return Index and the S&P GSCI® Crude Oil Total Return Index (the “S&P GSCI Indexes”) 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 & Poor’s 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 Indexes 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 Indexes to track general market performance.

“Barclays Global Carbon IndexTM” and “Barclays Global Carbon Index Total ReturnTM” are trademarks of Barclays Bank PLC.

© 2015 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.

Barclays is an international financial services provider engaged in personal, corporate and investment banking, credit cards and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way. With 325 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.

NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE

Barclays Bank PLC
Mark Lane, +1-212-412-1413
mark.lane@barclays.com



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