Barclays Bank PLC (“Barclays”) announced today that it has elected to redeem the following three Toronto Stock Exchange-listed iPath
exchange traded notes (ETNs):
- iPath ® S&P 500 VIX Short-Term Futures ™ CAD Hedged ETN (ticker: VIX)
- iPath ® S&P 500 Dynamic VIX CAD Hedged ETN (ticker: DVX)
- iPath ® Pure Beta Crude Oil CAD Hedged ETN (ticker: PBO)
“Canadian investors continue to prefer our US dollar-denominated ETNs over the Canadian dollar-denominated ETNs,” said Ian Merrill, Head of ETNs, Americas. “As such, we are redeeming all three of our Canadian dollar-denominated Toronto Stock Exchange-listed iPath ETNs due to a lack of investor demand.”
As described in the prospectus and related pricing supplement for each ETN (together, the “prospectus”), Barclays, as Issuer of the ETNs, may redeem the ETNs at its sole discretion on any business day on or after the inception date until maturity. Details of the early redemption are below:
The redemption date of the ETNs will be May 23, 2014. Holders of the ETNs on the redemption date will receive a cash payment per ETN equal to the closing indicative value on May 15, 2014, which is the valuation date that is five business days prior to the redemption date. Please refer to the prospectus relating to each issue of ETNs for a description of how the closing indicative value is calculated after notice of issuer redemption of the ETNs has been provided.
An investment in the ETNs involves significant risks 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.
For more information regarding the issuer redemption, including how the amount paid on the redemption date is determined, see the prospectus relating to each of the ETNs under the heading “Specific Terms of the ETNs - Payment Upon Holder Redemption and Issuer Redemption.” The prospectus relating to each of the ETNs can be found on SEDAR at:
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.