Barclays Bank PLC announced that it plans to resume further issuances and sales by Barclays Bank and its affiliates of each series of iPath® ETNs (the “Resumed ETNs”) listed in the table below, effective as of the open of trading on Monday, August 1, 2022. This action follows the announcement by Barclays Bank on April 28, 2022 to suspend sales of such series of Resumed ETNs. Any such issuances and sales of the Resumed ETNs will be made pursuant to Barclays Bank’s shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on May 23, 2022. As described below, this action may result in fluctuations in the trading value of such Resumed ETNs.
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The market value of the Resumed ETNs may be influenced by, among other things, the levels of supply and demand for such Resumed ETNs. Recently, a premium or discount, as the case may be, has developed in the trading price of certain series of Resumed ETNs in relation to the intraday indicative value of such series. It is possible that this reopening of sales and issuances, or the announcement thereof, may influence the trading price of the Resumed ETNs or cause the premium or discount to decrease or to no longer be present, though it is not possible to predict such impact. In particular, if an investor paid a premium purchase price over the indicative value of the Resumed ETNs, it could lead to significant losses in the event an investor sells Resumed ETNs at a time when such premium is no longer present in the marketplace or if Barclays Bank redeems the Resumed ETNs at its discretion.
For each series of iPath® ETNs listed in the table below (the “Suspended ETNs” and, together with the Resumed ETNs, the “ETNs”), Barclays Bank announced today that it expects to commence a rescission offer on August 1, 2022 to eligible purchasers in certain transactions relating to certain issuances of the Suspended ETNs. The terms of the proposed rescission offer will be set forth in a prospectus supplement to be filed with the SEC upon commencement of the rescission offer. For each series of Suspended ETNs, Barclays Bank intends to resume further issuances and sales when the rescission offer has been completed and settlement of the rescission offer with respect to the relevant series has occurred. Barclays Bank will make a further announcement of the date on which it plans to reopen each series of Suspended ETNs, until which date they will remain suspended, as announced by Barclays Bank on March 14, 2022, April 22, 2022 and April 28, 2022.
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Following the suspension of the Suspended ETNs, a premium or discount has developed in the trading price of certain of these Suspended ETNs in relation to their indicative value. The continued suspension of sales may further influence the market value of the Suspended ETNs and may cause further premiums or discounts to develop. Barclays Bank encourages investors to refer to the information in the announcements above regarding these suspensions and the potential impacts on the market value of these Suspended ETNs. Daily redemptions at the option of holders of the Suspended ETNs will not be affected by this suspension.
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.
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