Barclays Bank PLC, announced today the launch of 15 exchange-traded notes (the “New ETNs”) on the NYSE Arca exchange, each of which is designed to provide investors with exposure to the performance of a subindex of the Bloomberg Commodity Index Total Return. Barclays also announced today that it plans to delist from the NYSE Arca exchange and suspend sales from inventory and further issuances of certain existing commodity ETNs (the “Existing ETNs” and, together with the New ETNs, the “ETNs”), effective after the close of trading on April 12, 2018 (Delisting Date).
The New ETNs are expected to begin trading on the NYSE Arca exchange on January 18, 2018 under the ticker symbols listed in the table below:
| New ETN Name | Ticker | Underlying Index Name |
| iPath Series B Bloomberg Agriculture Subindex Total Return ETN | JJAB | Bloomberg Agriculture Subindex Total Return |
| iPath Series B Bloomberg Aluminum Subindex Total Return ETN | JJUB | Bloomberg Aluminum Subindex Total Return |
| iPath Series B Bloomberg Coffee Subindex Total Return ETN | BJO | Bloomberg Coffee Subindex Total Return |
| iPath Series B Bloomberg Copper Subindex Total Return ETN | JJCB | Bloomberg Copper Subindex Total Return |
| iPath Series B Bloomberg Cotton Subindex Total Return ETN | BALB | Bloomberg Cotton Subindex Total Return |
| iPath Series B Bloomberg Energy Subindex Total Return ETN | JJEB | Bloomberg Energy Subindex Total Return |
| iPath Series B Bloomberg Grains Subindex Total Return ETN | JJGB | Bloomberg Grains Subindex Total Return |
| iPath Series B Bloomberg Industrial Metals Subindex Total Return ETN | JJMB | Bloomberg Industrial Metals Subindex Total Return |
| iPath Series B Bloomberg Livestock Subindex Total Return ETN | COWB | Bloomberg Livestock Subindex Total Return |
| iPath Series B Bloomberg Nickel Subindex Total Return ETN | BJJN | Bloomberg Nickel Subindex Total Return |
| iPath Series B Bloomberg Platinum Subindex Total Return ETN | PGMB | Bloomberg Platinum Subindex |
| iPath Series B Bloomberg Precious Metals Subindex Total Return ETN | JJPB | Bloomberg Precious Metals Subindex Total Return TR |
| iPath Series B Bloomberg Softs Subindex Total Return ETN | JJSB | Bloomberg Softs Subindex Total Return |
| iPath Series B Bloomberg Sugar Subindex Total Return ETN | SGGB | Bloomberg Sugar Subindex Total Return |
| iPath Series B Bloomberg Tin Subindex Total Return ETN | JJTB | Bloomberg Tin Subindex Total Return |
The New ETNs feature an investor fee calculated and subtracted from the closing indicative value of the ETNs on a daily basis at a rate of 0.45% per annum. The New ETNs will also be redeemable at the sole discretion of Barclays on any business day on or after their inception until maturity. The subindices underlying the New ETNs reflect the returns that are potentially available through an unleveraged investment in the respective commodity futures contracts comprising the relevant subindex plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.
The Existing ETNs that Barclays plans to delist currently trade on NYSE Arca under the ticker symbols listed in the table below. After the close of trading on the Delisting Date, Barclays plans to suspend, until further notice, any further sales from inventory and any further issuances of each series of the Existing ETNs. Some of the Existing ETNs listed below may already be subject to this suspension.
| Existing ETN Name | Ticker | Underlying Index Name |
| iPath Bloomberg Agriculture Subindex Total Return ETN | JJA | Bloomberg Agriculture Subindex Total Return |
| iPath Bloomberg Aluminum Subindex Total Return ETN | JJU | Bloomberg Aluminum Subindex Total Return |
| iPath Bloomberg Coffee Subindex Total Return ETN | JO | Bloomberg Coffee Subindex Total Return |
| iPath Bloomberg Copper Subindex Total Return ETN | JJC | Bloomberg Copper Subindex Total Return |
| iPath Bloomberg Cotton Subindex Total Return ETN | BAL | Bloomberg Cotton Subindex Total Return |
| iPath Bloomberg Energy Subindex Total Return ETN | JJE | Bloomberg Energy Subindex Total Return |
| iPath Bloomberg Grains Subindex Total Return ETN | JJG | Bloomberg Grains Subindex Total Return |
| iPath Bloomberg Industrial Metals Subindex Total Return ETN | JJM | Bloomberg Industrial Metals Subindex Total Return |
| iPath Bloomberg Livestock Subindex Total Return ETN | COW | Bloomberg Livestock Subindex Total Return |
| iPath Bloomberg Nickel Subindex Total ReturnSM ETN | JJN | Bloomberg Nickel Subindex Total Return |
| iPath Bloomberg Platinum Subindex Total Return ETN | PGM | Bloomberg Platinum Subindex TR |
| iPath Bloomberg Precious Metals Subindex Total Return ETN | JJP | Bloomberg Precious Metals Subindex Total Return |
| iPath Bloomberg Softs Subindex Total Return ETN | JJS | Bloomberg Softs Subindex Total Return |
| iPath Bloomberg Sugar Subindex Total Return ETN | SGG | Bloomberg Sugar Subindex Total Return |
| iPath Bloomberg Tin Subindex Total Return ETN | JJT | Bloomberg Tin Subindex Total Return |
| iPath S&P GSCI Crude Oil Total Return Index ETN | OIL | S&P GSCI Crude Oil Total Return Index |
Following the delisting, the Existing ETNs will remain outstanding, though they will no longer be listed for trading on any national securities exchange. At such point, the ETNs may trade, if at all, on an over-the-counter basis, the secondary market for the Existing ETNs may experience a significant drop in liquidity, and holders of the Existing ETNs may not be able to trade or sell their Existing ETNs easily.
The Existing ETN holders’ option to require Barclays to repurchase the Existing ETNs will not be affected by this delisting. Currently, holders of the Existing ETNs are required to redeem a minimum number of Existing ETNs of the same series at one time in order to exercise the right to redeem the Existing ETNs directly with the issuer. Barclays will temporarily waive the required minimum redemption size for each series of Existing ETNs. The waiver will be irrevocable and effective after the close of trading on January 17, 2018 for the next three years until and including January 19, 2021, unless extended by Barclays at its sole discretion. Any future modification, including extending the term of the waiver or temporarily or permanently reducing, waiving or otherwise modifying the minimum redemption size, will be applied on a consistent basis for all holders of that series of Existing ETNs at the time such modification becomes effective.
Holders of the Existing ETNs that wish to sell their Existing ETNs and/or purchase New ETNs may take any of the following actions:
Sell Existing ETNs on the secondary market, to the extent that such a secondary market exists, at the prevailing trading price on the exchange until the Delisting Date or in an over-the-counter transaction after the Delisting Date, and/or purchase New ETNs on the secondary market, to the extent that such a secondary market exists;
Put Existing ETNs to Barclays with no minimum redemption size and simultaneously purchase New ETNs linked to the same subindices as the Existing ETNs being sold from Barclays in an amount having an equal dollar value, with each transaction having the same valuation date and settlement date (a “Net Settlement”). In this case, upon redemption of its Existing ETNs, the holder would receive a number of New ETNs equal to the aggregate daily redemption value of the redeemed Existing ETNs, rounded to the nearest full New ETN, with a residual cash payment for any “partial” remaining Existing ETNs. In the case of the iPath® S&P GSCI® Crude Oil Total Return Index ETN, a Net Settlement will be permitted with respect to the iPath® Series B S&P GSCI® Crude Oil ETN launched on November 17, 2016.
Holders who wish to effect a Net Settlement must instruct their broker or other person through whom they hold their Existing 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 Existing ETNs.
Holders may also contact Barclays at etndesk@barclays.com or 1-212-528-7790 to obtain further information regarding the procedures for Net Settlement.
Put Existing ETNs to Barclays under the early redemption option for the applicable cash value with no minimum redemption size without simultaneously purchasing New ETNs or purchase New ETNs from Barclays without simultaneously redeeming Existing ETNs.
Holders of Existing ETNs are not required to take any of the actions discussed in this announcement and may choose to continue to hold their Existing ETNs until their respective maturity date.
Any redemption of Existing ETNs is subject to the conditions and procedures described in the prospectus for the relevant series of Existing ETNs and will be valued using the applicable daily redemption value or closing indicative value on the valuation date for the transaction, in each case in accordance with the prospectus for the relevant series of Existing ETNs. The procedures for redemption include delivering a notice of redemption and signed confirmation to Barclays prior to the relevant valuation date within the time frames set forth in the prospectus and instructing the DTC custodian at which the Existing ETNs are held to book and settle a delivery vs. payment trade with respect to the Existing ETNs.
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 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. 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.