Latest news with #BarclaysBankPLC
Business Wire
6 days ago
- Business
- Business Wire
Citizens Financial Group Names Aunoy Banerjee of Barclays as Chief Financial Officer
PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group, Inc. (NYSE: CFG) today announced the appointment of Aunoy Banerjee as Executive Vice President and Chief Financial Officer. He will serve on the company's Executive Committee and report to Chairman and CEO Bruce Van Saun. Banerjee joins Citizens from Barclays, where he currently serves as CFO of Barclays Bank PLC, leading a large, global, multifunctional team supporting multiple lines of business including U.S. Consumer, Global Corporate and Investment Banking, and Private Bank and Wealth Management. Banerjee will join Citizens on October 24. As previously announced, current CFO John Woods will depart the bank on August 15. Chris Emerson, EVP and Head of Corporate Planning & Enterprise Finance, will serve as CFO during the interim period. "Aunoy is a seasoned leader with a broad background and strong record of accomplishment over his career,' said Van Saun. 'His experience in leading finance functions at multiple large financial institutions and overseeing highly complex transformation and optimization programs positions him well to have immediate impact as we execute our ambitious growth and transformation agenda.' Said Banerjee: 'I could not be more excited to be joining Citizens to help drive sustainable growth and value for all of its stakeholders. The Bank has been on an exciting and transformational journey, and I look forward to partnering with Bruce and the leadership team to help take Citizens to the next level.' A 25-year financial services veteran, Banerjee will have responsibility for the Financial Planning and Analysis, Business Line Finance Groups, Controller, Investor Relations, Treasury, Tax, and Capital Management functions, as well as Property & Procurement. Prior to Barclays, Banerjee served in a number of increasingly responsible finance and transformation roles at State Street over eight years, most recently as Head of Investments & Third Party Management and Chair of State Street India. He also served as Chief Transformation Officer and prior to that ran Corporate FP&A and oversaw the CFO functions within its business units. He previously spent 11 years at Citi with several roles of increasing importance, including Business Unit CFO for Capital Markets and Securities Services, Finance Head of CCAR and Head of Corporate Forecasting and Planning. He began his professional career at General Electric as part of its Finance Management Leadership Program. Highlights of Banerjee's broad experience include overseeing a £1.1 trillion balance sheet at Barclays Bank PLC and co-leading the firm's sweeping investment bank simplification initiative. At State Street, he oversaw the firm's $100 billion-plus investment portfolio and its balance sheet funding position. Additionally, as Chief Transformation Officer, he led an enterprise-wide transformation aimed at simplifying operations, increasing operating margin and productivity, and boosting both organic and inorganic growth. Banerjee holds a Master of Business Administration degree from the University of Rochester Simon School of Business and a Bachelor of Science degree from St. Stephen's College at the University of Delhi. About Citizens Financial Group, Inc. Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $218.3 billion in assets as of June 30, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at or visit us on X (formerly Twitter), LinkedIn or Facebook. Cautionary Statement About Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our expectations regarding the appointment of a new Citizens chief financial officer. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words 'believes,' 'expects,' 'anticipates,' 'estimates,' 'intends,' 'plans,' 'goals,' 'targets,' 'initiatives,' 'potentially,' 'probably,' 'projects,' 'prospects,' 'outlook,' 'guidance' or similar expressions or future or conditional verbs such as 'may,' 'will,' 'likely,' 'should,' 'would,' and 'could.' Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the United States Securities and Exchange Commission.
Business Wire
26-06-2025
- Business
- Business Wire
Barclays Bank PLC Updates Announcement of 2 Cash Tender Offers and Consent Solicitations
NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (the ' Issuer ') announced today that, in connection with its previously announced cash tender offers (each, an ' Offer ') to purchase any and all of its outstanding exchange-traded notes (the ' Notes ' or the ' ETNs ') of the two separate series listed in the table below (each, a ' Series ') and the solicitation of consents (each, a ' Consent Solicitation ') from holders of the Notes (the ' Noteholders ') to amend certain provisions of the Notes with respect to each Series, it has extended the expiration deadline for the Offer and Consent Solicitation with respect to each Series. The purchase price per Note (the 'Purchase Price') for each Series is set forth in the table below. Each Offer and Consent Solicitation is subject to the conditions and restrictions set out in the Initial Statement, as supplemented by Supplement No. 16 dated June 25, 2025 (as so supplemented, and as it may be further supplemented or amended from time to time, the ' Statement '). The ' Initial Statement ' is the Offer to Purchase and Consent Solicitation Statement dated December 7, 2023, as supplemented by Supplement No. 1 dated March 7, 2024, Supplement No. 2 dated March 20, 2024, Supplement No. 3 dated April 4, 2024, Supplement No. 4 dated May 20, 2024, Supplement No. 5 dated June 5, 2024, Supplement No. 6 dated July 16, 2024, Supplement No. 7 dated July 31, 2024, Supplement No. 8 dated September 10, 2024, Supplement No. 9 dated September 25, 2024, Supplement No. 10 dated November 4, 2024, Supplement No. 11 dated November 20, 2024, Supplement No. 12 dated January 13, 2025, Supplement No. 13 dated January 29, 2025, Supplement No. 14 dated March 26, 2025 and Supplement No. 15 dated April 16, 2025. Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Statement. The Offer and Consent Solicitation with respect to each Series were previously scheduled to expire at 6:00 p.m., New York City time, on June 25, 2025 and will instead expire at 6:00 p.m., New York City time, on September 24, 2025 (with respect to each Series, the ' Expiration Deadline '), unless the Offer with respect to any Series is further extended or early terminated by the Issuer, in which case notification to that effect will be given by or on behalf of the Issuer in accordance with the methods set out in the Statement. The specified Purchase Price per Note for each Series reflects a premium to the Closing Indicative Note Value of that Series on June 25, 2025. The Purchase Price may be lower than the trading price of the Notes of that Series on the Expiration Date. Extended Series * The Purchase Price for each Series is a set dollar amount and may be lower than the Closing Indicative Note Value of that Series on the Expiration Date. If a Noteholder has already validly tendered and not withdrawn its Notes of a Series pursuant to an Offer set forth in the Initial Statement, such Noteholder is not required to take any further action with respect to such Notes and such tender constitutes a valid tender for purposes of the relevant Offer, as amended hereby. As of 5:00 p.m., New York City time, on June 25, 2025, Noteholders have validly tendered the number of Notes specified in the table above. The Purchase Price is payable on October 1, 2025, unless the relevant Offer is further extended or early terminated by the Issuer. Because the Closing Indicative Note Value for each Series is calculated based on the applicable Closing Index Level, if the applicable Closing Index Level has increased as of the Expiration Date, the Purchase Price of that Series may be significantly less than the Closing Indicative Note Value on the Expiration Date. In addition, the Notes of any Series may trade at a substantial premium to or discount from the applicable Closing Indicative Note Value. Accordingly, the Purchase Price for any Series may be lower than the trading price of the Notes of that Series on the Expiration Date. If on or prior to the Expiration Date, the applicable Closing Index Level with respect to any Series set forth in the table above has increased or decreased from its level on June 25, 2025, the Issuer may amend the Offer and Consent Solicitation with respect to that Series, including by increasing or decreasing the Purchase Price of that Series, or in its sole and absolute discretion, to further extend, withdraw or terminate such Offer or Consent Solicitation. On each Trading Day while an Offer remains open, the Purchase Price for the relevant Series, as well as the Closing Index Level and the Closing Indicative Note Value for that Trading Day for the relevant Series, will be published for that Series by 5:00 p.m., New York City time, at In the event that publication of the Closing Index Level for any Series on any Trading Day is delayed, the Issuer will publish such information as soon as practicable following the publication of that Closing Index Level. Subject to applicable law, the Offer and Consent Solicitation for each Series is being made independently of the Offer and Consent Solicitation for each other Series, and the Issuer reserves the right, subject to applicable law, to withdraw or terminate the Offer and Consent Solicitation for any Series if any of the conditions described in the Statement have not been satisfied or waived without also withdrawing or terminating any other Offer or Consent Solicitation. In addition, the Issuer reserves the right, subject to applicable law, to extend or amend the Offer and Consent Solicitation for any Series at any time and for any reason without also extending or amending any other Offer or Consent Solicitation. For Further Information A complete description of the terms and conditions of the Offers is set out in the Statement. Copies of the Statement are available at Further details about the transaction can be obtained from: The Dealer Manager Barclays Capital Inc. 745 Seventh Avenue New York, New York 10019, United States Telephone: +1 212-528-7990 Attn: Barclays ETN Desk Email: etndesk@ The Tender Agent The Bank of New York Mellon 160 Queen Victoria Street London EC4V 4LA United Kingdom Attn: Debt Restructuring Services Telephone: +44 1202 689644 Email: debtrestructuring@ DISCLAIMER This announcement must be read in conjunction with the Statement. No offer or invitation to acquire or exchange any securities is being made pursuant to this announcement. This announcement and the Statement contain important information, which must be read carefully before any decision is made with respect to the Offers and Consent Solicitations. If any Noteholder is in any doubt as to the action it should take, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, lawyer, accountant or other independent financial adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in an Offer and Consent Solicitation. None of the Issuer, the Dealer Manager or the Tender Agent (or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons) makes any recommendation as to whether Noteholders should participate in any Offer and Consent Solicitation. General Neither this announcement, the Statement nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes for purchase pursuant to the Offers will not be accepted from Noteholders) in any circumstances in which such Offer or solicitation is unlawful. In those jurisdictions where the Notes, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Manager or any of its affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the Issuer in such jurisdiction. None of the Issuer, the Dealer Manager or the Tender Agent (or any director, officer, employee, agent or affiliate of, any such person) makes any recommendation as to whether Noteholders should tender Notes in the Offers or Consent Solicitations. In addition, each Noteholder participating in an Offer will be deemed to give certain representations in respect of the other jurisdictions referred to below and generally as set out in the Statement under the section entitled ' Procedures for Participating in the Offer.' Any tender of Notes for purchase pursuant to an Offer from a Noteholder that is unable to make these representations will not be accepted. 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 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 (the ' index ') between the inception date and the applicable valuation date. Additionally, if the level of the 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 level of such index has increased or decreased, as the case may be. 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. 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 exchange traded notes or funds. The ETNs can therefore experience greater volatility than other exchange traded notes, funds or investments. A Trading Market for the ETNs May Not Develop: The ETNs are not listed on any securities exchange. A trading market for the ETNs may not develop and the liquidity of the ETNs may be limited. No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs. 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 through certain brokerage accounts. 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. © 2025 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.
Yahoo
12-06-2025
- Business
- Yahoo
Barclays Announces the Redemption of 4 iPath® ETNs
NEW YORK, June 12, 2025--(BUSINESS WIRE)--Barclays Bank PLC ("Barclays") announced today that it will exercise its issuer call option and redeem in full each of the 4 series of iPath® ETNs (the "ETNs") listed in the table below on June 25, 2025 (the "Redemption Date"). Name of ETN BloombergTicker CUSIP/ISIN iPath® Bloomberg Livestock Subindex Total ReturnSM ETN COWTF 06739H743 /US06739H7439 iPath® Bloomberg Copper Subindex Total ReturnSM ETN JJCTF 06739F101 /US06739F1012 iPath® Bloomberg Grains Subindex Total ReturnSM ETN JJGTF 06739H305 /US06739H3057 iPath® Bloomberg Platinum Subindex Total ReturnSM ETN PGMFF 06739H255 /US06739H2554 After obtaining the requisite consents with respect to each series of ETNs in connection with Barclays' cash tender offer and consent solicitation, Barclays has amended the indenture and global certificate for each series of ETNs to provide Barclays with the right to redeem, in its sole discretion, all, but not less than all, of the outstanding ETNs of each series, on the Redemption Date. Please see the iPath® ETN website at (the "Information Page") for further details regarding the tender offer and consent solicitation. The "Valuation Date" for the redemption of each series of ETNs will be June 17, 2025, 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 applicable Closing Indicative Note Value on the Valuation Date. For more information about how the Closing Indicative Note Value is determined, please refer to the section entitled "Terms and Conditions of the Offers and Consent Solicitations—Closing Indicative Note Value" in the Offer to Purchase and Consent Solicitation Statement dated December 7, 2023, as further supplemented, which is available on the Information Page. Under the terms of the ETNs, as amended, holders of any series of ETNs subject to issuer redemption will no longer have the option to exercise the holder redemption right. Therefore, no further elections for holder redemption will be accepted by Barclays. Holders of ETNs subject to issuer redemption may choose to continue to hold their ETNs until the Redemption Date or choose to sell their ETNs at a suitable time prior to that. 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 as well as on the product website at the product page for each of the ETNs listed in the table above 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 further questions: Financial advisors: Directly contact Barclays at etndesk@ or 1-212-528-7990 to obtain further information. Individual investors: Instruct your broker/advisor/custodian to email us at etndesk@ 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 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 exchange rate, as applicable (the "index") between the inception date and the applicable valuation date. Additionally, if the level of the 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 level of such index has increased or decreased, as the case may be. 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. 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 may be 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. A Trading Market for the ETNs May Not Develop: The ETNs are not listed on any securities exchange and the liquidity of the ETNs may be limited. No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs. 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 through certain brokerage accounts. 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. © 2025 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 Contacts Press Contact:Ann Thielke+1 212 526
Business Wire
12-06-2025
- Business
- Business Wire
Barclays Announces the Redemption of 4 iPath ® ETNs
NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (' Barclays ') announced today that it will exercise its issuer call option and redeem in full each of the 4 series of iPath ® ETNs (the ' ETNs ') listed in the table below on June 25, 2025 (the ' Redemption Date '). After obtaining the requisite consents with respect to each series of ETNs in connection with Barclays' cash tender offer and consent solicitation, Barclays has amended the indenture and global certificate for each series of ETNs to provide Barclays with the right to redeem, in its sole discretion, all, but not less than all, of the outstanding ETNs of each series, on the Redemption Date. Please see the iPath ® ETN website at (the ' Information Page ') for further details regarding the tender offer and consent solicitation. The ' Valuation Date ' for the redemption of each series of ETNs will be June 17, 2025, 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 applicable Closing Indicative Note Value on the Valuation Date. For more information about how the Closing Indicative Note Value is determined, please refer to the section entitled ' Terms and Conditions of the Offers and Consent Solicitations—Closing Indicative Note Value ' in the Offer to Purchase and Consent Solicitation Statement dated December 7, 2023, as further supplemented, which is available on the Information Page. Under the terms of the ETNs, as amended, holders of any series of ETNs subject to issuer redemption will no longer have the option to exercise the holder redemption right. Therefore, no further elections for holder redemption will be accepted by Barclays. Holders of ETNs subject to issuer redemption may choose to continue to hold their ETNs until the Redemption Date or choose to sell their ETNs at a suitable time prior to that. 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 as well as on the product website at the product page for each of the ETNs listed in the table above 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 further questions: Financial advisors: Directly contact Barclays at etndesk@ or 1-212-528-7990 to obtain further information. Individual investors: Instruct your broker/advisor/custodian to email us at etndesk@ 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 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 exchange rate, as applicable (the ' index ') between the inception date and the applicable valuation date. Additionally, if the level of the 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 level of such index has increased or decreased, as the case may be. 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. 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 may be 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. A Trading Market for the ETNs May Not Develop: The ETNs are not listed on any securities exchange and the liquidity of the ETNs may be limited. No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs. 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 through certain brokerage accounts. 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. © 2025 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.
Associated Press
29-01-2025
- Business
- Associated Press
Barclays Bank PLC Updates Announcement of 4 Cash Tender Offers and Consent Solicitations
Barclays Bank PLC (the ' Issuer ') announced today that, in connection with its previously announced cash tender offers (each, an ' Offer ') to purchase any and all of its outstanding exchange-traded notes (the ' Notes ' or the ' ETNs ') of the four separate series listed in tables below (each, a ' Series ') and the solicitation of consents (each, a ' Consent Solicitation ') from holders of the Notes (the ' Noteholders ') to amend certain provisions of the Notes with respect to each Series, it has: determined the results of the Offer and Consent Solicitation for the Series included in Table 1 below (the ' Expired Series '); and extended the expiration deadline for the Offer and Consent Solicitation with respect to each Series included in Table 2 below (each, an ' Extended Series '). The purchase price per Note (the ' Purchase Price ') for each Extended Series is set forth in Table 2 below. Each Offer and Consent Solicitation is subject to the conditions and restrictions set out in the Initial Statement, as supplemented by Supplement No. 13 dated January 29, 2025 (as so supplemented, and as it may be further supplemented or amended from time to time, the ' Statement '). The ' Initial Statement ' is the Offer to Purchase and Consent Solicitation Statement dated December 7, 2023, as supplemented by Supplement No. 1 dated March 7, 2024, Supplement No. 2 dated March 20, 2024, Supplement No. 3 dated April 4, 2024, Supplement No. 4 dated May 20, 2024, Supplement No. 5 dated June 5, 2024, Supplement No. 6 dated July 16, 2024, Supplement No. 7 dated July 31, 2024, Supplement No. 8 dated September 10, 2024, Supplement No. 9 dated September 25, 2024, Supplement No. 10 dated November 4, 2024, Supplement No. 11 dated November 20, 2024 and Supplement No. 12 dated January 13, 2025 . Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Statement. Expired Series The Offer and Consent Solicitation for the Expired Series expired at 6:00 p.m., New York City time, on January 29, 2025 (with respect to the Expired Series, the ' Expiration Deadline '). For the Expired Series, the Issuer has received and accepted the specified number of Notes validly tendered and not validly withdrawn prior to the Expiration Deadline. All conditions to the Offer for the Expired Series were deemed satisfied or waived by the Issuer as of the Expiration Deadline. The aggregate purchase price of the Notes for the Expired Series accepted by the Issuer will be the specified dollar amount set forth in Table 1 below, reflecting the previously announced Purchase Price per Note. On February 5, 2025 (the ' Settlement Date '), Noteholders whose Notes have been accepted for purchase pursuant to the relevant Offer will receive the previously announced applicable Purchase Price. No Offer or Consent Solicitation is currently open in respect of the Expired Series. Table 1: Expired Series Pursuant to the Consent Solicitation for the Expired Series, the Issuer has obtained the requisite consents to the Proposed Amendment, as described in the Initial Statement, with respect to that Series. Notes purchased by the Issuer pursuant to the Offer with respect to the Expired Series will be cancelled on the Settlement Date. The Issuer currently intends to effectuate the Proposed Amendment for the Expired Series promptly after the Expiration Date and redeem all outstanding Notes at any time after the Proposed Amendment becomes effective with respect to that Series. As described in the Initial Statement, the Issuer will publicly announce any decision to redeem the outstanding Notes of the Expired Series by issuing a redemption notice. The payment upon redemption to Noteholders for the Expired Series may be greater than or less than the Purchase Price for that Series pursuant to the relevant Offer but will not include any premium payment or any amount in excess of the applicable Closing Indicative Note Value on the Valuation Date of such redemption. Extended Series The Offer and Consent Solicitation with respect to each Extended Series were previously scheduled to expire at 6:00 p.m., New York City time, on January 29, 2025 and will instead expire at 6:00 p.m., New York City time, on March 26, 2025 (with respect to each Extended Series, the ' Expiration Deadline '), unless the Offer with respect to any Extended Series is further extended or early terminated by the Issuer, in which case notification to that effect will be given by or on behalf of the Issuer in accordance with the methods set out in the Statement. The specified Purchase Price per Note for each Extended Series reflects a premium to the Closing Indicative Note Value of that Series on January 29, 2025. The Purchase Price may be lower than the trading price of the Notes of that Series on the Expiration Date. Table 2: Extended Series iPath ® CBOE S&P 500 BuyWrite Index SM ETN BWVTF 06739F135 / GB00B1WL1590 $130.00 $120.67 6,473 iPath ® Bloomberg Livestock Subindex Total Return SM ETN COWTF 06739H743 / US06739H7439 $24.00 $23.43 40,107 iPath ® Bloomberg Energy Subindex Total Return SM ETN JJETF 06739H750 / US06739H7504 $7.00 $5.45 27,031 * The Purchase Price for each Series is a set dollar amount and may be lower than the Closing Indicative Note Value of that Series on the Expiration Date. If a Noteholder has already validly tendered and not withdrawn its Notes of an Extended Series pursuant to an Offer set forth in the Initial Statement, such Noteholder is not required to take any further action with respect to such Notes and such tender constitutes a valid tender for purposes of the relevant Offer, as amended hereby. As of 5:00 p.m., New York City time, on January 29, 2025, Noteholders have validly tendered the number of Notes specified in Table 2 above. The Purchase Price is payable on April 2, 2025, unless the relevant Offer is further extended or early terminated by the Issuer. Because the Closing Indicative Note Value for each Series is calculated based on the applicable Closing Index Level, if the applicable Closing Index Level has increased as of the Expiration Date, the Purchase Price of that Series may be significantly less than the Closing Indicative Note Value on the Expiration Date. In addition, the Notes of any Series may trade at a substantial premium to or discount from the applicable Closing Indicative Note Value. Accordingly, the Purchase Price for any Series may be lower than the trading price of the Notes of that Series on the Expiration Date. If on or prior to the Expiration Date, the applicable Closing Index Level with respect to any Series set forth in Table 2 above has increased or decreased from its level on January 29, 2025, the Issuer may amend the Offer and Consent Solicitation with respect to that Series, including by increasing or decreasing the Purchase Price of that Series, or in its sole and absolute discretion, to further extend, withdraw or terminate such Offer or Consent Solicitation. On each Trading Day while an Offer remains open, the Purchase Price for the relevant Series, as well as the Closing Index Level and the Closing Indicative Note Value for that Trading Day for the relevant Series, will be published for that Series by 5:00 p.m., New York City time, at In the event that publication of the Closing Index Level for any Series on any Trading Day is delayed, the Issuer will publish such information as soon as practicable following the publication of that Closing Index Level. Subject to applicable law, the Offer and Consent Solicitation for each Series is being made independently of the Offer and Consent Solicitation for each other Series, and the Issuer reserves the right, subject to applicable law, to withdraw or terminate the Offer and Consent Solicitation for any Series if any of the conditions described in the Statement have not been satisfied or waived without also withdrawing or terminating any other Offer or Consent Solicitation. In addition, the Issuer reserves the right, subject to applicable law, to extend or amend the Offer and Consent Solicitation for any Series at any time and for any reason without also extending or amending any other Offer or Consent Solicitation. For Further Information A complete description of the terms and conditions of the Offers is set out in the Statement. Copies of the Statement are available at Further details about the transaction can be obtained from: The Dealer Manager Barclays Capital Inc. 745 Seventh Avenue New York, New York 10019, United States Telephone: +1 212-528-7990 Attn: Barclays ETN Desk Email: [email protected] The Tender Agent The Bank of New York Mellon 160 Queen Victoria Street London EC4V 4LA United Kingdom Attn: Debt Restructuring Services Telephone: +44 1202 689644 DISCLAIMER This announcement must be read in conjunction with the Statement. No offer or invitation to acquire or exchange any securities is being made pursuant to this announcement. This announcement and the Statement contain important information, which must be read carefully before any decision is made with respect to the Offers and Consent Solicitations. If any Noteholder is in any doubt as to the action it should take, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, lawyer, accountant or other independent financial adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in an Offer and Consent Solicitation. None of the Issuer, the Dealer Manager or the Tender Agent (or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons) makes any recommendation as to whether Noteholders should participate in any Offer and Consent Solicitation. General Neither this announcement, the Statement nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes for purchase pursuant to the Offers will not be accepted from Noteholders) in any circumstances in which such Offer or solicitation is unlawful. In those jurisdictions where the Notes, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Manager or any of its affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the Issuer in such jurisdiction. None of the Issuer, the Dealer Manager or the Tender Agent (or any director, officer, employee, agent or affiliate of, any such person) makes any recommendation as to whether Noteholders should tender Notes in the Offers or Consent Solicitations. In addition, each Noteholder participating in an Offer will be deemed to give certain representations in respect of the other jurisdictions referred to below and generally as set out in the Statement under the section entitled ' Procedures for Participating in the Offer.' Any tender of Notes for purchase pursuant to an Offer from a Noteholder that is unable to make these representations will not be accepted. 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 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 (the ' index ') between the inception date and the applicable valuation date. Additionally, if the level of the 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 level of such index has increased or decreased, as the case may be. 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. 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 exchange traded notes or funds. The ETNs can therefore experience greater volatility than other exchange traded notes, funds or investments. A Trading Market for the ETNs May Not Develop: The ETNs are not listed on any securities exchange. A trading market for the ETNs may not develop and the liquidity of the ETNs may be limited. No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs. 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 through certain brokerage accounts. 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. © 2025 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. Ann Thielke +1 212 526 1472 INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: Barclays Bank PLC Copyright Business Wire 2025. PUB: 01/29/2025 07:51 PM/DISC: 01/29/2025 07:52 PM
