Barclays Bank PLC Issues $2.15 Billion of 17 Series of Exchange Traded Notes

January 19, 2018

In connection with an update of its exchange traded note (ETN) platform, S&C client Barclays Bank PLC issued $1,050,000,000 aggregate principal amount of 15 series of ETNs, each designed to provide investors with exposure to the performance of a sub-index of the Bloomberg Commodity Index Total ReturnSM, and $1,100,000,025 aggregate principal amount of two series of ETNs linked to the performance of the S&P 500® VIX Short-Term Futures Index TR and the S&P 500® VIX Mid-Term Futures Index TR. The commodity index-linked ETNs are listed on the NYSE Arca. The VIX-linked ETNs are the first securities listed by Barclays on the CBOE BZX Exchange. As part of the platform update, Barclays announced plans to redeem 18 other series of ETNs on April 12.

The S&C team advising Barclays on the platform update included George White, Richard Kahn, So Yeon Kim, Joshua Wright and Emily Hantverk in New York, and John O’Connor, Craig Jones, Joshua Stevens, Lauren Fawcett and Maria Lacayo in London, with David Hariton, Jeffrey Hochberg, Michael Orchowski and Saul Brander advising on tax matters.