Market Overview

Barclays Provides Further Guidance around the Upcoming Maturity of the iPath® VXX and VXZ ETNs

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Barclays Bank PLC ("Barclays") provided further guidance today around
the upcoming maturity of the iPath® S&P 500®
VIX Short-Term Futures™ ETNs (ARCA:VXX) and the iPath® S&P
500® VIX Mid-Term Futures™ ETNs (ARCA:VXZ) (together, the
"Maturing ETNs"). The Maturing ETNs currently trade on the NYSE Arca
Exchange.

Barclays had previously announced the listing of the iPath®
Series B S&P 500® VIX Short-Term Futures™ ETNs (Ticker: VXXB) and the iPath® Series B S&P 500® VIX
Mid-Term Futures™ ETNs (BATS:VXZB) (together, the "New ETNs") on
January 4, 2018. The New ETNs currently trade on the CBOE BZX Exchange.

Key Dates:

   

 

     
Date     Event Details
January 29, 2019     Final valuation date for the Maturing ETNs
January 30, 2019    

Maturity Date of Maturing ETNs

  • Maturing ETNs are delisted at market open
  • Holders of record receive the final cash settlement value

The Closing Indicative Value (the "CIV") on the final valuation date
(January 29, 2019) for each of the Maturing ETNs would be the final cash
settlement value received by holders of record on the final redemption
date.

Barclays had also previously announced a waiver of the minimum early
redemption size of 25,000 ETNs on the Maturing ETNs for any redemption
order that is paired with a simultaneous purchase of an equivalent
amount of the corresponding New ETNs from Barclays. No additional
purchase or redemption fees would be charged by Barclays for paired
orders to migrate from the Maturing ETNs to the corresponding New ETNs.
This waiver will be in place until the maturity of the Maturing ETNs.

A similar waiver is also in place on the minimum early redemption size
of 25,000 ETNs on the New ETNs for any redemption order that is paired
with a simultaneous purchase of an equivalent amount of the
corresponding Maturing ETNs from Barclays. No additional purchase or
redemption fees would be charged by Barclays for paired orders to
migrate from the New ETNs to the corresponding Maturing ETNs. This
waiver will be in place until the maturity of the Maturing ETNs.

Holders of the Maturing ETNs are not required to take any action as a
result of this announcement and may choose to continue to hold or trade
their Maturing ETNs until expiration.

Holders of the Maturing ETNs that wish to sell their Maturing ETNs
and/or purchase New ETNs may take any of the following actions:

  1. Sell Maturing ETNs and/or purchase New ETNs (or vice versa) on the
    secondary market at the prevailing trading price on the exchange.
  2. Put Maturing ETNs to Barclays with no minimum early redemption size
    and simultaneously purchase an equivalent amount of the corresponding
    New ETNs from Barclays (or vice versa), with each transaction having
    the same valuation date and settlement date (a "Net Settlement"). In
    this case, upon redemption of its Maturing ETNs, the holder would
    receive a number of New ETNs equal to the number of redeemed Maturing
    ETNs (or vice versa). Holders who wish to effect a Net Settlement must
    instruct their broker or other person through whom they hold their
    Maturing ETNs (or their New ETNs) in accordance with the procedures
    set forth in the section "Specific Terms of the ETNs—Early Redemption
    Procedures" in the prospectus relating to the Maturing ETNs (or the
    New ETNs). Holders may also contact Barclays at etndesk@barclays.com
    or 1-212-528-7990 to obtain further information regarding the
    procedures for Net Settlement.
  3. Put Maturing ETNs to Barclays under the early redemption option
    (subject to the existing minimum early redemption size) without
    simultaneously purchasing New ETNs from Barclays or purchase New ETNs
    from Barclays without simultaneously redeeming Maturing ETNs, in each
    case for the applicable cash value.

Any redemption of Maturing ETNs or purchase of New ETNs (or vice versa)
is subject to the conditions described in the prospectus for the
relevant series of ETNs and will be valued using the applicable closing
indicative value on the valuation date for the transaction, with
applicable purchase or redemption fees except as described above for
paired orders, in each case in accordance with the prospectus for the
relevant series of ETNs. Holders are not required to take any of the
actions set forth above and may choose to continue to hold their ETNs.

A more detailed comparison between the Maturing ETNs and the New ETNs
may be found at www.ipathetn.com/vxxvxxbcompare.

The iPath® Series B S&P 500® VIX Short-Term
Futures™ ETNs are designed to provide investors with exposure to the
performance of the S&P 500® VIX Short-Term Futures™ Index
Total Return, which measures the return from a daily rolling long
position in the front and second month futures contracts on the CBOE
Volatility Index® (the "VIX Index") traded on the Chicago
Board Options Exchange ("CBOE"). The iPath® Series B S&P 500®
VIX Mid-Term Futures™ ETNs are designed to provide investors with
exposure to the performance of the S&P 500® VIX Mid-Term
Futures™ Index Total Return, which measures the return from a daily
rolling long position in the fourth, fifth, sixth and seventh month
futures contracts on the VIX Index traded on the CBOE.

The ETNs are riskier than ordinary unsecured debt securities and have
no principal protection. 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. The ETNs are intended
to be trading tools for sophisticated investors to manage daily trading
risks. The ETNs may not be suitable for all investors and should be used
only by investors with the sophistication and knowledge necessary to
understand the risks inherent in the underlying index, the futures
contracts that the relevant underlying index tracks and investments in
volatility as an asset class generally.
Investors should consult
with their broker or financial advisor when making an investment
decision and to evaluate their investment in the ETNs and should
actively manage and monitor their investments in the ETNs, as frequently
as daily.
An investment in the ETNs involves significant risks,
including possible loss of principal, and may not be suitable for all
investors. 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 relevant series of ETNs can be found on
EDGAR, the SEC website, at: www.sec.gov.
The prospectuses relating to the Maturing ETNs are also available on the
product website at www.iPathETN.com/VXXprospectus
and www.iPathETN.com/VXZprospectus.
The prospectuses relating to the New ETNs are also available on the
product website at www.iPathETN.com/VXXBprospectus
and www.iPathETN.com/VXZBprospectus.

For further information, please instruct your broker/advisor/custodian
to email us at etndesk@barclays.com
or alternatively, your broker/custodian can call us at: 1-212-528-7990.

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 80,000 people.
Barclays moves, lends, invests and protects money for customers and
clients worldwide.

For further information about Barclays, please visit our website www.home.barclays.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.

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.

The Performance of the Underlying Indices are Unpredictable:
An investment in the ETNs is subject to risks associated with
fluctuations, particularly a decline, in the performance of the
underlying index. Because the performance of such index is linked to
futures contracts on the VIX Index, the performance of the underlying
index will depend on many factors including, the level of the S&P 500®,
the prices of options on the S&P 500®, and the level of
the VIX Index which may change unpredictably, affecting the value of
futures contracts on the VIX Index and, consequently, the level of the
underlying index. Additional factors that may contribute to fluctuations
in the level of such index include prevailing market prices and forward
volatility levels of the U.S. stock markets and the equity securities
included in the S&P 500®, the prevailing market prices of
options on the VIX Index, relevant futures contracts on the VIX Index,
or any other financial instruments related to the S&P 500®
and the VIX Index, interest rates, supply and demand in the listed and
over-the-counter equity derivative markets as well as hedging activities
in the equity-linked structured product markets.

Your ETNs Are Not Linked to the VIX Index: The ETNs offer
exposure to futures contracts of specified maturities on the VIX Index
and not direct exposure to the VIX Index or its spot level. These
futures contracts will not track the performance of the VIX Index. In
addition, the nature of the VIX futures market has historically resulted
in a significant cost to "roll" a position in the VIX futures contracts
underlying the index. As a result, the levels of the underlying index,
which tracks a rolling position in specified VIX futures contracts, may
experience significant declines as a result of these roll costs,
especially over a longer period. The VIX Index will perform differently
than the index underlying the ETNs and, in certain cases, may have
positive performance during periods, while the index underlying the ETNs
is experiencing poor performance. In turn, an investment in the ETNs may
experience a significant decline in value over time, the risk of which
increases the longer that the ETNs are held.

Risk of Long Term Holdings: The ETNs are only suitable for a very
short investment horizon. The relationship between the level of the VIX
Index and the underlying futures on the VIX Index will begin to break
down as the length of an investor's holding period increases, even
within the course of a single index business day. The relationship
between the level of the underlying index and the value of the ETNs will
also begin to break down as the length of an investor's holding period
increases due to the effect of accrued fees. The long term expected
value of your ETNs is zero. If you hold your ETNs as a long term
investment, it is likely that you will lose all or a substantial portion
of your investment.

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, 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: 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:
Subject to the terms described in the applicable
prospectus, you must redeem at least 25,000 ETNs of the same series 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. Notwithstanding the foregoing,
beginning after the close of trading on January 4, 2018, we have waived
the minimum early redemption amount on the Maturing ETNs for any
redemption order that is paired with a simultaneous purchase of an
equivalent amount of the corresponding New ETNs. Our waiver of the
minimum redemption amount will be available to any and all holders of
the ETNs on such early redemption dates and will remain in effect until
the maturity date of the Maturing ETNs. A similar waiver is also in
place on the minimum early redemption size of 25,000 ETNs on the New
ETNs for any redemption order that is paired with a simultaneous
purchase of an equivalent amount of the corresponding Maturing ETNs from
Barclays. This waiver will be in place until the maturity of the
Maturing ETNs. We may, at any time and in our sole discretion, make
further modifications to the minimum redemption amount, including, among
others, to reinstate the minimum redemption amount of 25,000 ETNs for
all redemption dates after such further modification. Any such
modification will be applied on a consistent basis for all holders of
the ETNs at the time such modification becomes effective.

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 S&P 500® VIX Futures Indices are products of S&P Dow
Jones Indices LLC ("SPDJI"). S&P®, S&P 500®,
and "S&P 500® VIX Short-Term Futures™", "S&P 500®
VIX Mid-Term Futures™" and "S&P 500® Dynamic
VIX Futures™" are trademarks of Standard & Poor's Financial Services LLC
("SPFS"). VIX® is a registered trademark of Chicago
Board Options Exchange, Incorporated ("CBOE"). These trademarks have
been licensed to S&P Dow Jones Indices LLC ("SPDJI") and its affiliates,
and sublicensed to Barclays Bank PLC for certain purposes. The ETNs are
not sponsored, endorsed, sold or promoted by SPDJI, SPFS, CBOE 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 500 VIX Futures Indices
to track general market performance.

© 2019 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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