iPath GEMS Asia 8 ETN
AYTEF
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- iPath GEMS Asia 8 ETN (AYTEF) is an exchange-traded note issued by Barclays Bank PLC that seeks to provide investors with exposure to the Barclays Global Emerging Markets Strategy (GEMS) Asia 8 Index; the index tracks a portfolio of local currency-denominated sovereign debt issued by eight Asian emerging market countries, including India, Indonesia, Malaysia, Philippines, South Korea, Taiwan, Thailand, and China; the ETN offers monthly coupon payments based on the index performance, subject to an investor fee, along with a cash payment at maturity or redemption equivalent to the indicative value. Originally scheduled to mature on April 8, 2038, the ETN targets institutional and retail investors seeking yield from emerging Asia fixed income markets without direct ownership of the underlying bonds. Traded primarily on U.S. over-the-counter markets, it operates globally through Barclays' investment banking platform headquartered in London, United Kingdom, with the product launched around 2014. In a significant operational change, Barclays Bank PLC announced on June 14, 2024, the full redemption of the iPath GEMS Asia 8 ETN (AYTEF) and 17 other iPath ETN series, exercising its issuer call option following a cash tender offer and consent solicitation that amended the indenture terms; the redemption valuation date was set for June 21, 2024, with cash payments to holders based on the closing indicative note value delivered on the June 28, 2024, redemption date; this action terminated holder redemption rights and concluded trading activity for the product.