Barclays Bank PLC (the “Issuer”) announced today that,
effective Tuesday, May 28, 2024 (the “Effective Date”), the
definition of Coupon Ex-Date for its iPath® Select MLP ETNs (the
“ETNs”) will be amended. The ETNs trade on the CBOE BZX
Exchange under the ticker symbol “ATMP”.
Prior to the change described above being made, the Coupon
Ex-Date (as defined in the prospectus for the ETNs) for the ETNs
meant the eighth index business day following each Coupon
Valuation Date. Beginning on and including the Effective Date, the
Coupon Ex-Date for the ETNs means the ninth index business
day following each Coupon Valuation Date. This change will remove
the time period between the Coupon Ex-Date and the Coupon Record
Date such that these dates will both fall on the ninth index
business day following each Coupon Valuation Date.
Following the Coupon Valuation Date on May 15, 2024, the next
Coupon Ex-Date and Coupon Record Date for the ETNs will be May 29,
2024.
The change is being made in light of the SEC amendments to Rule
15c6-1(a) under the Securities Exchange Act of 1934 to shorten the
standard settlement cycle for securities trades from T+2 to T+1.
The amended rules will also shorten the time period for which
transactions in stocks and exchange-traded products shall be
ex-dividend or ex-rights.
The pricing supplement and prospectus relating to the ETNs can
be found on EDGAR, the SEC website at www.sec.gov, as well as on
the product website at http://ipathetn.barclays/ATMPprospectus.
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 Bank is the issuer of the ETNs and Barclays Capital
Inc. is the issuer’s agent in the distribution. Please contact
Barclays Bank for further questions:
- Financial advisors: Directly contact Barclays Bank at
etndesk@barclays.com or 1-212-528-7990 to obtain further
information.
- 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 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 www.barclays.com.
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 Volume Weighted Average Price (“VWAP”) 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.
The Payment on the ETNs is Linked to the VWAP Level, Not to
the Closing Level of the Index and Not to the Published Intraday
Indicative Value of the ETNs: Your payment at maturity or upon
early redemption is linked to the performance of the VWAP level, as
compared to the initial VWAP level. Although the VWAP level is
intended to track the performance of the index, the calculation of
the VWAP level is different from the calculation of the official
closing level of the index. Therefore, the payment at maturity or
early redemption of your ETNs, may be different from the payment
you would receive if such payment were determined by reference to
the official closing level of the index.
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: The index constituents are companies
in the Energy Sector or Gas Utilities Sector, as determined by the
GICS® classification system. In addition, many of the index
constituents are smaller, non-diversified businesses that are
exposed to the risks associated with such businesses, including the
lack of capital funding to sustain or grow businesses and potential
competition from larger, better financed and more diversified
businesses. The ETNs are susceptible to general market fluctuations
in the energy and gas MLP market and to volatile increases and
decrease.
A Trading Market for the ETNs May Not Develop: Although the ETNs
are listed on a U.S. national securities exchange, 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.
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.
© 2024 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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version on businesswire.com: https://www.businesswire.com/news/home/20240517719331/en/
Ann Thielke +1 212 526 1472 Ann.Thielke@barclays.com
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