REDEMPTION TIME: iPath Series B S&P GSCI Crude Oil Total Return Index ETNs
Posted on 04/22/2020
On April 20, 2020, Barclays Bank PLC announced that it will exercise its issuer call option and redeem in full its iPath Series B S&P GSCI Crude Oil Total Return Index ETNs on April 30, 2020. The ETNs trade on the NYSE Arca exchange under the ticker symbol “OIL”. ETNs are exchange-traded notes.
Barclays states, “Holders of the ETNs on the Redemption Date will receive a cash payment per ETN equal to the closing indicative value of the ETNs (as defined in the prospectus relating to the ETNs) on April 23, 2020 (the “Valuation Date”), the fifth business day prior to the Redemption Date.
Additionally, Barclays announces that it will suspend any further sales and issuance of the ETNs, effective today, April 20, 2020. This suspension may cause fluctuations in the trading value of such ETNs. Daily redemptions at the option of the holders of the ETNs will not be affected by this suspension. Barclays’ lending activities from the existing inventory with respect to the ETNs will also not be affected by this suspension.”