Barclays Announces the Redemption of Certain ETNs

·6-min read

Barclays Bank PLC ("Barclays") announced today that it will exercise its issuer call option and redeem, in full, each series of exchange-traded notes listed in the table below (each, an "ETN" and collectively, the "ETNs"). Further details regarding the redemption of these ETNs are highlighted in the table below:

Asset
Class

ETN Name

ETN Ticker

Exchange

Redemption
Date

Final
Valuation
Date

Rates

iPath Inverse US Treasury Composite ETN

TAPR

Cboe

12/15/2020

12/8/2020

Rates

iPath Series B US Treasury 10-year Bear ETN

BTYS

Cboe

12/15/2020

12/8/2020

Equity

Barclays ETN+ FI Enhanced Global High Yield Series B ETN

FIYY

NYSE Arca

12/15/2020

12/10/2020

Equity

Barclays ETN+ FI Enhanced Europe 50 Series B ETN

FLEU

NYSE Arca

12/15/2020

12/10/2020

Equity

Barclays ETN+ FI Enhanced Europe 50 Series C ETN

FFEU

NYSE Arca

12/15/2020

12/10/2020

On the Redemption Date, holders of the ETNs will receive a cash payment per ETN equal to the relevant Closing Indicative Value for each series of ETNs (as defined in the relevant prospectus relating to the ETNs) on the related Final Valuation Date. The Final Valuation Dates are specified in the table above. Trading of the ETNs will be suspended before the market open on the business day following the Final Valuation Date.

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 for the ETNs to which this communication relates can be found at:

http://ipathetn.com/taprprospectus
http://ipathetn.com/btysprospectus
https://www.sec.gov/Archives/edgar/data/0000312070/000110465920027983/a20-11081_10424b2.htm
https://www.sec.gov/Archives/edgar/data/0000312070/000110465920028042/a20-11081_12424b2.htm
https://www.sec.gov/Archives/edgar/data/0000312070/000110465920027984/a20-11081_11424b2.htm

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

Financial advisors:

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 transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 83,500 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

Selected Risk Considerations

An investment in the iPath 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 decrease in the level of the underlying index between the applicable 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 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 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.

Issuer Redemption: If specified in the applicable prospectus, Barclays Bank PLC will have the right to redeem or call a series of 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 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: 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 otherwise specified in the applicable product prospectus, you must redeem at least the minimum number of ETNs specified in the applicable product prospectus 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 product prospectus.

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. 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.

The "Barclays 10Y US Treasury Futures Targeted Exposure Index™" and the Barclays Inverse US Treasury Futures Composite Index™ are trademarks of Barclays Bank PLC.

© 2020 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

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Contacts

Press Contact:
Danielle Popper
+1 212 526 5963
Danielle.Popper@barclays.com