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Barclays begins new Natural Gas ETNs, waives minimum put for old ETNs
By Marisa Wong
Morgantown, W.Va., March 9 – Barclays Bank plc launched a new series of exchange-traded notes, the iPath series B Bloomberg Natural Gas Subindex Total Return ETNs due March 5, 2037 linked to the Bloomberg Natural Gas Subindex Total Return, according to a press release.
Barclays Bank priced $50 million of the ETNs (NYSE Arca: GAZB) on Wednesday, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying index is a subindex of the Bloomberg Commodity Index Total Return and reflects the returns that are potentially available through an unleveraged investment in the natural gas futures contracts making up the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.
In a separate 424B2 filing with the SEC, Barclays Bank said that the issuance of additional ETNs from its closed series of iPath Bloomberg Natural Gas Subindex Total Return ETNs (NYSE Arca: GAZ) will continue to be suspended and that agent Barclays will cease selling ETNs of the closed series from inventory, effective from the close of trading on March 9.
Barclays also announced a temporary waiver of the minimum early redemption size for its existing iPath Bloomberg Natural Gas Subindex Total Return ETNs. For a limited period of time, Barclays will waive the minimum early redemption size of 50,000 ETNs for valuation dates occurring on Wednesdays and reduce the minimum early redemption size to 5,000 ETNs for any other valuation date. These changes are also effective after the close of trading on Thursday and will be effective for the next three years.
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