Markets & Funds

https://finance.yahoo.com/news/barclays-suspends-sales-30-ipath-143000112.html

Barclays is halting sales of 30 iPath exchange-traded notes, nearly a month after an error forced the bank to halt redemptions of its oil and VIX futures notes.

The sales halt is effective as of trading Thursday and affects nearly $2.8 billion worth of assets between 30 notes.

In a statement, the bank said it is amending financial statements in its calendar year 2021 annual report regarding internal controls. Since its ETN prospectuses reference that document, Barclays said it cannot continue to sell those securities until it amends the note registration and registration shelf statements.

A Barclays spokesperson declined to comment on when the bank expects to make amendments and restart sales.

Barclays is restating parts of its annual report in part due to its mid-March suspension of the iPath Pure Beta Crude Oil ETN (OIL) and the iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). The bank said it had issued roughly $15.2 billion more of the notes than the $20.8 billion maximum in the registration statements for approximately a year due to an administrative error.

The bank took a $591 million charge for the quarter in connection with the error.