Barclays Bank PLC F-4, filed May 24, 2021

Barclays Bank PLC (BWVTF)

F-4 2021-05-24

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Added on October 21, 2026

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CALCULATION OF REGISTRATION FEE
Title Of Each Class Of Securities To Be Registered	Amount To Be Registered(1)	Proposed Maximum Offering Price Per Unit	Proposed Maximum Aggregate Offering Price(2)	Amount Of Registration Fee(3)
iPath^® Pure Beta Crude Oil ETNs due April 18, 2041	$100,000,000.00	N/A	$37,260,000.00	$4,065.07

IMPORTANT NOTICES	1
SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES	4
FORWARD-LOOKING STATEMENTS	5
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE	6
THE BARCLAYS BANK GROUP	7
INDICATIVE TIMETABLE	8
SUMMARY	10
RISK FACTORS	23
SUMMARY CONSOLIDATED FINANCIAL INFORMATION	39
USE OF PROCEEDS	40
THE EXCHANGE OFFER AND CONSENT SOLICITATION	41
DESCRIPTION OF THE NEW NOTES	55
CLEARANCE AND SETTLEMENT	88
COMPARISON OF THE MATERIAL TERMS OF THE OLD NOTES AND THE NEW NOTES	91
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES	100
BENEFIT PLAN INVESTOR CONSIDERATIONS	104
VALIDITY OF THE NEW NOTES	106
EXPERTS	106
ANNEX A	107
ANNEX B	108

Time and Date	Event
, 2021	*Commencement of Exchange Offer and Consent Solicitation* Exchange Offer and Consent Solicitation announced. The Exchange Ratio per $2,000 principal amount of Old Notes is equal to New Notes. Final prospectus made available to Noteholders.
5:00 p.m. (New York City time) on , 2021	*Expiration Deadline* The deadline for Noteholders to validly tender (and not validly withdraw) their Old Notes in order to participate in the Exchange Offer and to be eligible to receive a number of New Notes equal to the Exchange Ratio, plus a cash amount in lieu of any fractional New Notes. Noteholders who validly tender (and do not validly withdraw) their Old Notes will be deemed to have consented to the Proposed Amendment under the Consent Solicitation. Noteholders may validly withdraw tenders of their Old Notes at any time prior to the Expiration Deadline, but not thereafter. Noteholders who validly withdraw tenders of their Old Notes will be deemed to have withdrawn their consents to the Proposed Amendment under the Consent Solicitation. Noteholders may not consent to the Proposed Amendment in the Consent Solicitation without tendering the Old Notes and may not revoke consents without withdrawing the previously tendered Old Notes to which such consents relate. Noteholders should carefully review the specific procedures for tendering Old Notes in the section entitled “The Exchange Offer and Consent Solicitation—Procedures for Tendering Old Notes.”
, 2021	*Announcement of Results of Exchange Offer and Consent Solicitation* We will announce our decision whether to accept valid tenders of Old Notes for exchange pursuant to the Exchange Offer (including, if applicable, the expected Settlement Date for the Exchange Offer) and the results of the Exchange Offer and the Consent Solicitation in accordance with the methods set out in “The Exchange Offer and Consent Solicitation—Announcements” below.
, 2021	*Settlement* Expected Settlement Date. New Notes will be issued in exchange for any Old Notes validly tendered (and not

Purpose of Exchange Offer and Consent Solicitation		We are conducting the Exchange Offer to mitigate risk management challenges faced by our Cross-Asset Solutions business resulting from recent volatility in the markets for oil futures tracked by the S&P GSCI^® Crude Oil Total Return Index. Although we have taken steps over the past few years to reduce the amount of Old Notes outstanding and to encourage investors to sell their Old Notes back to us, including by delisting the Old Notes from the exchange and undertaking a cash tender offer, the remaining amount of Old Notes outstanding continues to present a material risk to us and, therefore, we wish to undertake further action to reduce the size of the Old Notes outstanding. We are conducting the Consent Solicitation to amend the terms of the Old Notes to add an issuer call feature, which would enable us to redeem the remaining Old Notes that are outstanding after the conclusion of the Exchange Offer and Concurrent Tender Offer.

Old Notes		iPath^® S&P GSCI^® Crude Oil Total Return Index ETNs due August 14, 2036 (CUSIP: 06738C760 / ISIN: US06738C7609)

New Notes		iPath^® Pure Beta Crude Oil ETNs due April 18, 2041 (CUSIP: 06740P221 / ISIN: US06740P2213)

Listing and Trading		Since April 13, 2018, the Old Notes have not been listed on any securities exchange. The New Notes have been listed and traded on NYSE Arca under the ticker symbol “OIL.”

Exchange Offer		We are offering to exchange any and all outstanding Old Notes for New Notes based on the Exchange Ratio, upon the terms and subject to the conditions set forth in this prospectus. The New Notes were first issued on April 26, 2011. Upon completion of the Exchange Offer, we will issue additional New Notes to the tendering Noteholders and consolidate such additional New Notes to form a single class with the New Notes currently outstanding. Old Notes accepted by us pursuant to the Exchange Offer will be immediately cancelled. Old Notes that have not been validly tendered and/or accepted for exchange pursuant to the Exchange Offer will remain outstanding after the Settlement Date.

Exchange Ratio		The Exchange Ratio per $2,000 principal amount of Old Notes validly tendered in the Exchange Offer (and not validly withdrawn) prior to the

		Expiration Deadline and accepted for exchange will be equal to New Notes, which will be delivered on the Settlement Date, unless the Exchange Offer is extended or terminated.

No Fractional New Notes		No fractional New Notes will be issued in connection with the Exchange Offer. A tendering Noteholder will receive a cash amount on the Settlement Date in lieu of any fractional New Notes, calculated using the closing indicative value (as defined herein) of the New Notes on the Expiration Date.

Consent Solicitation		We are also soliciting consents to the Proposed Amendment, upon the terms and subject to the conditions set forth in this prospectus. Noteholders who validly tender (and do not validly withdraw) their Old Notes will be deemed to have consented to the Proposed Amendment under the Consent Solicitation. Noteholders who validly withdraw tenders of their Old Notes will be deemed to have withdrawn their consents to the Proposed Amendment under the Consent Solicitation. Noteholders may not consent to the Proposed Amendment in the Consent Solicitation without tendering the Old Notes and may not revoke consents without withdrawing the previously tendered Old Notes to which such consents relate.

Proposed Amendment		The Indenture provides that the consent of Noteholders holding not less than a majority in aggregate principal amount of outstanding Old Notes (the “Consent Threshold”) is required to approve any supplemental indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Noteholders under the Indenture. If the Noteholders of a majority in aggregate principal amount of the Old Notes have validly tendered (and have not validly withdrawn) their Old Notes as of the Expiration Deadline (whether in the Exchange Offer, in the Concurrent Tender Offer or both combined), the Consent Threshold will be deemed to be satisfied. If the Consent Threshold is satisfied, it is expected that the Indenture and the Old Note Certificate will be amended promptly following the Expiration Date to provide us with the right to redeem, in our sole discretion, all, but not less than all, of the outstanding Old Notes on the Redemption Date for a cash payment per $2,000 principal amount of Old Notes equal to the Closing Indicative Value (as defined herein) of the Old Notes on the Valuation Date. After the Proposed Amendment becomes effective, the Old Notes that are not tendered, or that are not accepted for exchange pursuant to the Exchange Offer, will be subject to the amended terms of the Indenture and the Old Note Certificate. We currently intend to effectuate the Proposed Amendment promptly after the Expiration Date and redeem all outstanding Old Notes shortly after the Proposed Amendment becomes effective. The value of the payment upon redemption to Noteholders may be greater than or less than the value of the New Notes received pursuant to the Exchange Offer but will not include any amount in excess of the Closing Indicative Value of the Old Notes on the Valuation Date of such redemption.

Concurrent Tender Offer		Concurrently with this Exchange Offer, we are offering to purchase for

		cash any and all Old Notes validly tendered (and not validly withdrawn), subject to the terms and conditions set forth in the Concurrent Tender Offer. Noteholders who validly tender (and do not validly withdraw) their Old Notes pursuant to the Concurrent Tender Offer will also be deemed to have consented to the Proposed Amendment under the Consent Solicitation. The Consent Threshold may be satisfied in this Exchange Offer, the Concurrent Tender Offer or both combined. However, an overlapping tender is not valid and will not be accepted by us under either this Exchange Offer or the Concurrent Tender Offer.

Extension, Withdrawal, Termination and Amendment		Subject to applicable law and as provided in this prospectus, we may, in our sole and absolute discretion, extend, withdraw, terminate or amend the Exchange Offer or the Consent Solicitation or amend or waive any of the terms and conditions of the Exchange Offer or the Consent Solicitation at any time before such announcement and may, in our sole and absolute discretion, waive any of the conditions of the Exchange Offer or the Consent Solicitation either before or after such announcement. In addition, we reserve the right, in our sole and absolute discretion, to extend, withdraw, terminate or amend either or both of the Exchange Offer and the Concurrent Tender Offer at any time and for any reason. See “The Exchange Offer and Consent Solicitation—Extension, Withdrawal, Termination and Amendment.”

Procedures for Tendering Old Notes		We will accept tenders of Old Notes in the Exchange Offer only by way of the submission of valid instructions submitted through DTC’s ATOP procedures (each, an “Exchange Instruction”) in accordance with the procedures set out in “The Exchange Offer and Consent Solicitation—Procedures for Tendering Old Notes.” Any Noteholder who holds Old Notes through DTC must arrange for a DTC Participant in DTC to electronically transmit the Noteholder’s Exchange Instruction through DTC’s ATOP system, for which the Exchange Offer will be eligible. Accordingly, a DTC Participant whose name appears on the security position listing as the holder of the Old Notes must electronically transmit its acceptance of the Exchange Offer by causing DTC to irrevocably transfer Old Notes in the participant’s account to the Exchange Agent’s account at DTC in accordance with DTC’s ATOP procedures. DTC will then send an agent’s message (as defined below) to the Exchange Agent. An “agent’s message” is a message, transmitted by DTC, received by the Exchange Agent and forming part of the book-entry confirmation, which states that DTC has received an express acknowledgment from the tendering participant that such participant has received this prospectus and agrees to be bound by the terms of the Exchange Offer, and that the Issuer may enforce the terms of the Exchange Offer against such participant. Although transfer of the Old Notes to the Exchange Agent’s account at DTC may be effected through book-entry at DTC, an agent’s message must be transmitted by DTC and received by the Exchange Agent at or prior to the Expiration Deadline in order to validly tender Old Notes pursuant to the Exchange Offer. Old Notes tendered through DTC’s ATOP system will be held to the order of the Exchange Agent until the earlier of the time of settlement on the Settlement Date, or the termination

		revoked at any time at or before the Expiration Deadline. If the Exchange Offer is extended, Old Notes subject to the Exchange Offer may be validly revoked at any time before the new Expiration Deadline of the extended Exchange Offer. If the Exchange Offer is terminated, the Old Notes tendered pursuant to the Exchange Offer will be promptly returned to the tendering Noteholders. For a revocation of a tender of Old Notes to be effective, a valid electronic revocation instruction must be provided to DTC at or before the Expiration Deadline in accordance with the requirements set forth under “The Exchange Offer and Consent Solicitation—Revocation Rights.”

Noteholder Representations		By submitting a tender with respect to Old Notes, Noteholders are deemed to make certain acknowledgments, representations, warranties and undertakings to us, the Dealer Manager, the Exchange Agent and the Information Agent as set forth under “The Exchange Offer and Consent Solicitation—Noteholder Representations.”

No Appraisal or Dissenters’ Rights		No appraisal or dissenters’ rights are available to Noteholders under applicable law in connection with the Exchange Offer.

Brokerage Commissions		Noteholders that tender their Old Notes to the Exchange Agent do not have to pay a brokerage fee or commission to us, the Dealer Manager or the Exchange Agent in connection with the tender of such securities. However, if a tendering Noteholder handles the transaction through an Intermediary, that Noteholder may be required to pay such Intermediary brokerage fees or commissions.

Dealer Manager		Barclays Capital Inc.

Exchange Agent		The Bank of New York Mellon

Information Agent		D.F. King & Co., Inc.

Indenture		The senior debt securities indenture dated as of September 16, 2004 between the Issuer and the Trustee (as supplemented by the Supplemental Indenture dated as of February 22, 2018 between the Issuer and the Trustee)

Trustee		The Bank of New York Mellon is the Trustee with respect to the Indenture, Old Notes and New Notes.

Business Day		With respect to the Exchange Offer and Consent Solicitation, the Old Notes and the New Notes, a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in London or New York City generally are authorized or obligated by law, regulation or executive order to close.

Governing Law		The Indenture, the Old Notes and the New Notes are governed by, and construed in accordance with, the laws of the State of New York.

Use of Proceeds		We will not receive any cash proceeds from the Exchange Offer or the Consent Solicitation.

Conflicts of Interest		Barclays Capital Inc., which will be participating in the Exchange Offer as the Dealer Manager, is an affiliate of Barclays Bank PLC and, as such, has a “conflict of interest” in this offering within the meaning of Rule

		5121 of Financial Industry Regulatory Authority, Inc. (“FINRA”). Consequently, this offering is being conducted in compliance with the provisions of FINRA Rule 5121 (or any successor rule thereto). In addition, Barclays Capital Inc. will not cause a discretionary account to participate in the Exchange Offer without specific written approval from the account holder.

Tax Considerations		Noteholders should consider the tax consequences of the Exchange Offer (including disposition of the Old Notes and investment in the New Notes) and the Proposed Amendment. See “Material U.S. Federal Income Tax Consequences” in this prospectus.

Further Information		Any questions or requests for assistance in connection with this prospectus may be directed to the Dealer Manager at its toll-free telephone number or e-mail address as set forth on the back cover of this prospectus. Any questions or requests for assistance in connection with the delivery of an Exchange Instruction may be directed to the Exchange Agent at its toll-free telephone number or e-mail address as set forth on the back cover of this prospectus. Any requests for additional copies of this prospectus or related documents, which may be obtained free of charge, may be directed to the Information Agent at its toll-free telephone number or e-mail address as set forth on the back cover of this prospectus.

Issuer		Barclays Bank PLC

Series		Global Medium-Term Notes, Series A

Principal Amount		$50

Inception, Issuance and Maturity		The New Notes were first sold on April 20, 2011, were first issued on April 26, 2011 and will be due on April 18, 2041. We refer to April 20, 2011 as the “inception date” of the New Notes.

Secondary Market		We have listed the New Notes on the NYSE Arca under the ticker symbol “OIL.” The ticker symbol “OIL” was used historically in connection with the listing of the Old Notes, which were delisted on April 12, 2018, and in connection with the listing of the iPath^® Series B S&P GSCI^® Crude Oil New Notes (the “Redeemed Notes”), which we redeemed on April 30, 2020. The New Notes are not the same securities as the Old Notes or the Redeemed Notes. To the extent an active secondary market in the New Notes exists, we expect that investors will purchase and sell the New Notes primarily in this secondary market. We are not required to maintain any listing of the New Notes on NYSE Arca or any other securities exchange.

CUSIP / ISIN		06740P221 / US06740P2213

Index		The Barclays WTI Crude Oil Pure Beta TR. The Index is designed to give investors exposure to total returns of the commodities included in the Barclays Single Commodity Total Return Index (the “Reference Index”), while mitigating the effects of certain distortions in the commodity markets on such returns through the application of the Barclays Pure Beta Series 2 Methodology. The Index is comprised of exchange-traded futures contracts for WTI crude oil that are included in the Reference Index, as adjusted from time to time. However, unlike the Reference Index, which rolls its exposure to the futures contracts on a monthly basis in accordance with a pre-determined roll schedule, the Index may roll into one of a number of futures contracts with varying expiration dates, as selected using the Barclays Pure Beta Series 2 Methodology. The Index and the Reference Index were created by Barclays Bank PLC, which is the owner of the intellectual property and licensing rights relating to the Index and Reference Index. The Index and Reference Index are administered, calculated and published by Barclays Index Administration (the “Index Sponsor”), a distinct function within the Investment Bank of Barclays Bank PLC.

Payment at Maturity		If you hold your New Notes to maturity, you will receive a cash payment per New Note at maturity in U.S. dollars equal to the closing indicative value on the final valuation date.

Closing Indicative Value		The closing indicative value on the inception date was $50. On each subsequent calendar day until maturity or early redemption of the New Notes, the closing indicative value per New Note will equal (1) the

		closing indicative value on the immediately preceding calendar day times (2) the daily index factor on such calendar day (or, if such day is not an index business day, one) minus (3) the investor fee on such calendar day minus (4) the futures execution cost on such calendar day. An “index business day” is a day on which the Index is calculated, as determined by the NYSE Holiday & Hours schedule, as published on https://www.nyse.com/markets/hours-calendars or any successor website thereto. Information contained on the NYSE website is not incorporated by reference in, and should not be considered a part of, this prospectus. The closing indicative value is not the market price of the New Notes in any secondary market and is not intended as a price or quotation, or as an offer or solicitation for the purchase or sale of the New Notes or as a recommendation to transact in the New Notes at the stated price. The market price of the New Notes at any time may vary significantly from the closing indicative value.

Daily Index Factor		The daily index factor for the New Notes on any index business day will equal (1) the closing level of the Index on such index business day divided by (2) the closing level of the Index on the immediately preceding index business day.

Futures Execution Cost		The futures execution cost is designed to approximate the estimated costs of maintaining a rolling position in the futures contracts underlying the Index. The futures execution cost for the New Notes on the inception date was equal to zero. On each subsequent calendar day until maturity or early redemption of the New Notes, the futures execution cost for each New Note will be equal to (1) 0.10% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the daily index factor on such calendar day (or, if such day is not an index business day, one) divided by (4) 365. The net effect of the futures execution cost accumulates over time and is subtracted at the rate of 0.10% per year. Because the net effect of the futures execution cost is a fixed percentage of the value of each New Note, the aggregate effect of the futures execution cost will increase or decrease in a manner directly proportional to the value of each New Note and the amount of New Notes that are held, as applicable.

Investor Fee		The investor fee per New Note on the inception date was zero. On each subsequent calendar day until January 29, 2021, the investor fee per New Note was equal to (1) 0.75% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) divided by (4) 365. Effective as of February 1, 2021, the investor fee per New Note will be equal to (1) 0.57% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) divided by (4) 365. Because the investor fee is calculated and subtracted from the closing indicative value on a daily basis, the net effect of the investor fee accumulates over time and is subtracted at the rate of approximately 0.57% per year, which we refer to as the

		“investor fee rate.” We may, at our sole discretion, increase the investor fee rate to a rate of up to 0.75% per year by issuing a press release announcing such increase no less than 15 calendar days prior to the effective date of such increase. The investor fee reduces the daily return of the New Notes. Because the net effect of the investor fee is a fixed percentage of the value of each New Note, the aggregate effect of the investor fee will increase or decrease in a manner directly proportional to the value of each New Note and the amount of New Notes that are held, as applicable.

Intraday Indicative Value		The intraday indicative value is intended to provide investors with an approximation of the effect that changes in the level of the Index during the current trading day would have on the closing indicative value of the New Notes from the previous day. Intraday indicative value differs from closing indicative value in two important respects. First, intraday indicative value is based on the most recent Index level published by the Index Sponsor, which reflects the most recent reported sales prices for the Index components, rather than the closing indicative value for the immediately preceding calendar day. Second, the intraday indicative value only reflects the investor fee and the futures execution cost for the New Notes at the close of business on the preceding calendar day, but does not include any adjustment for the investor fee or the futures execution cost during the course of the current day. The intraday indicative value is not the market price of the New Notes in any secondary market and is not intended as a price or quotation, or as an offer or solicitation for the purchase or sale of the New Notes or as a recommendation to transact in the New Notes at the stated price. Because the intraday indicative value is based on the intraday Index levels, it will reflect any lags, disruptions or suspensions that affect the Index. The market price of the New Notes at any time may vary significantly from the intraday indicative value due to, among other things, imbalances of supply and demand for the New Notes (including as a result of any decision of ours to issue, stop issuing or resume issuing additional New Notes), futures contracts included in the Index and/or other derivatives related to the Index or the New Notes; any trading disruptions, suspension or limitations to any of the forgoing; lack of liquidity; severe volatility; transaction costs; credit considerations; and bid-offer spreads. A premium or discount market price over the intraday indicative value can also arise as a result of mismatches of trading hours between the New Notes and the futures contracts included in the Index, actions (or failure to take action) by the Index Sponsor and the relevant exchange of the futures contracts included in the Index and technical or human errors by service providers, market participants and others.

Holder Redemption		Subject to the notification requirements described below, you may redeem your New Notes on any redemption date during the term of the New Notes. If you redeem your New Notes, you will receive a cash payment in U.S. dollars per New Note on such date in an amount equal to the closing indicative value on the applicable valuation date.

		You must redeem at least 50,000 New Notes at one time in order to exercise your right to redeem your New Notes on any redemption date. If you hold fewer than 50,000 New Notes or fewer than 50,000 New Notes are outstanding, you will not be able to exercise your right to redeem your New Notes. In order to redeem your New Notes on a redemption date, you must deliver a notice of holder redemption to us via email by no later than 4:00 p.m., New York City time, on the business day prior to the applicable valuation date and follow the procedures set forth under “—Early Holder Redemption Procedures” below. If you fail to comply with these procedures, your notice will be deemed ineffective. Notwithstanding the foregoing, beginning after the close of trading on February 28, 2020 we have reduced the minimum redemption amount to 5,000 New Notes. Our reduction of the minimum redemption amount will be available to any and all holders of the New Notes on such early redemption dates and will remain in effect until February 28, 2022, unless extended at Barclays’ sole discretion. We may, at any time and in our sole discretion, make further modifications to the minimum redemption amount, including, among others, to reinstate the minimum redemption amount of 50,000 New Notes for all redemption dates after such further modification. Any such modification will be applied on a consistent basis for all holders of the New Notes at the time such modification becomes effective.

Issuer Redemption		We may redeem the New Notes (in whole but not in part) at our sole discretion on any business day on or after the inception date until and including maturity. To exercise our right to redeem, we must deliver notice to the holders of the New Notes to be redeemed not less than ten calendar days prior to the redemption date on which we intend to redeem the New Notes. If we redeem the New Notes, you will receive a cash payment in U.S. dollars per New Note in an amount equal to the applicable closing indicative value on the applicable valuation date.

Valuation Date		A valuation date for the New Notes means each business day from April 20, 2011 to April 15, 2041, inclusive (subject to the occurrence of a market disruption event) or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days. We refer to April 15, 2041 as the “final valuation date.”

Redemption Date		In the case of holder redemption, a redemption date is the third business day following each valuation date (other than the final valuation date). The final redemption date will be the third business day following the valuation date that is immediately prior to the final valuation date. In the case of issuer redemption, the redemption date is the date specified by us in the issuer redemption notice, which will in no event be prior to the tenth calendar day following the date on which we deliver such notice.

Trading Day		A day on which (i) the level of the Index is published by the Index Sponsor, (ii) trading is generally conducted on NYSE Arca and (iii) trading is generally conducted on the markets on which the futures contracts underlying the Index are traded, in each case as determined

		by the calculation agent in its sole discretion.

Calculation Agent		Barclays Bank PLC

Book-Entry Issuance, Denominations, Clearance and Settlement		The New Notes will be available initially only in book-entry form. We expect that the New Notes will be issued in the form of one registered global certificate. The global certificate will be deposited with, or on behalf of, DTC, and registered in its name or in the name of Cede & Co., its nominee. Securities entitlements in respect of the global certificate will be shown on, and transfers of securities entitlements in respect of the global certificate will be effected through, records maintained by DTC and its direct and indirect participants, as applicable. See “Clearance and Settlement” for a further discussion of these matters.

Further Issues		The Indenture does not limit the amount of debt securities that we may issue. We may, without holders’ consent, create and issue additional securities having the same terms and conditions as the New Notes before, during or after the Exchange Offer. If there is substantial demand for the New Notes, we may issue additional New Notes frequently. We may consolidate the additional securities to form a single class with the outstanding New Notes. However, we are under no obligation to create or sell additional New Notes at any time, and if we do create or sell additional New Notes, we may limit such sales and stop selling additional New Notes at any time. We also reserve the right to cease or suspend sales of New Notes from inventory held by our affiliate Barclays Capital Inc. at any time. If we limit, restrict or stop sales of New Notes, or if we subsequently resume sales of New Notes, the liquidity and trading price of the relevant New Notes in the secondary market could be materially and adversely affected.

General

Issuer		Barclays Bank PLC

Series		Global Medium-Term Notes, Series A

Principal Amount per New Note		$50

Inception, Issuance and Maturity		The New Notes were first sold on April 20, 2011, were first issued on April 26, 2011 and will be due on April 18, 2041. We refer to April 20, 2011 as the “inception date” of the New Notes. If the maturity date is not a business day, the maturity date will be the next following business day. If the fifth business day before this day does not qualify as a valuation date (as described below), then the maturity date will be the fifth business day following the final valuation date. The calculation agent may postpone the final valuation date — and therefore the maturity date — if a market disruption event occurs or is continuing on a day that would otherwise be the final valuation date. We describe market disruption events under “—Market Disruption Events” below. In the event that payment at maturity is deferred beyond the stated maturity date, penalty interest will not accrue or be payable with respect to that deferred payment.

Secondary Market		We have listed the New Notes on the NYSE Arca under the ticker symbol “OIL.” The ticker symbol “OIL” was used historically in connection with the listing of the Old Notes, which were delisted on April 12, 2018, and in connection with the listing of the iPath^® Series B S&P GSCI^® Crude Oil New Notes (the “Redeemed Notes”), which we redeemed on April 30, 2020. The New Notes are not the same securities as the Old Notes or the Redeemed Notes. To the extent an active secondary market in the New Notes exists, we expect that investors will purchase and sell the New Notes primarily in this secondary market. We are not required to maintain any listing of the New

		Notes on NYSE Arca or any other securities exchange.

CUSIP / ISIN		06740P221 / US06740P2213

Index		The return on the New Notes is linked to the performance of the Barclays WTI Crude Oil Pure Beta TR (the “Index”). The Index is designed to give investors exposure to total returns of the commodities included in the Barclays Single Commodity Total Return Index (the “Reference Index”), while mitigating the effects of certain distortions in the commodity markets on such returns through the application of the Barclays Pure Beta Series 2 Methodology. The Index is comprised of exchange-traded futures contracts for WTI crude oil that are included in the Reference Index, as adjusted from time to time. However, unlike the Reference Index, which rolls its exposure to the futures contracts on a monthly basis in accordance with a pre-determined roll schedule, the Index may roll into one of a number of futures contracts with varying expiration dates, as selected using the Barclays Pure Beta Series 2 Methodology. The Index and the Reference Index were created by Barclays Bank PLC, which is the owner of the intellectual property and licensing rights relating to the Index and Reference Index. The Index and Reference Index are administered, calculated and published by Barclays Index Administration (the “Index Sponsor”), a distinct function within the Investment Bank of Barclays Bank PLC.

Payment at Maturity

Payment at Maturity		If you hold your New Notes to maturity, you will receive a cash payment per New Note at maturity in U.S. dollars equal to the closing indicative value on the final valuation date.

Closing Indicative Value		The closing indicative value on the inception date was $50. On each subsequent calendar day until maturity or early redemption of the New Notes, the closing indicative value per New Note will equal (1) the closing indicative value on the immediately preceding calendar day times (2) the daily index factor on such calendar day (or, if such day is not an index business day, one) minus (3) the investor fee on such calendar day minus (4) the futures execution cost on such calendar day. An “index business day” is a day on which the Index is calculated, as determined by the NYSE Holiday & Hours schedule, as published on https://www.nyse.com/markets/hours-calendars or any successor website thereto. Information contained on the NYSE website is not incorporated by reference in, and should not be considered a part of, this prospectus. The closing indicative value is not the market price of the New Notes in any secondary market and is not intended as a price or quotation, or as an offer or solicitation for the purchase or sale of the New Notes or as a recommendation to transact in the New Notes at the stated price. The market price of the New Notes at any time may vary significantly from the closing indicative value.

Daily Index Factor		The daily index factor for the New Notes on any index business day will equal (1) the closing level of the Index on such index business day divided by (2) the closing level of the Index on the immediately preceding index business day.

Futures Execution Cost		The futures execution cost is designed to approximate the estimated costs of maintaining a rolling position in the futures contracts underlying the Index. The futures execution cost for the New Notes on the inception date

		was equal to zero. On each subsequent calendar day until maturity or early redemption of the New Notes, the futures execution cost for each New Note will be equal to (1) 0.10% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the daily index factor on such calendar day (or, if such day is not an index business day, one) divided by (4) 365. The net effect of the futures execution cost accumulates over time and is subtracted at the rate of 0.10% per year. Because the net effect of the futures execution cost is a fixed percentage of the value of each New Note, the aggregate effect of the futures execution cost will increase or decrease in a manner directly proportional to the value of each New Note and the amount of New Notes that are held, as applicable.

Investor Fee		The investor fee per New Note on the inception date was zero. On each subsequent calendar day until January 29, 2021, the investor fee per New Note was equal to (1) 0.75% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) divided by (4) 365. Effective as of February 1, 2021, the investor fee per New Note will be equal to (1) 0.57% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) divided by (4) 365. Because the investor fee is calculated and subtracted from the closing indicative value on a daily basis, the net effect of the investor fee accumulates over time and is subtracted at the rate of approximately 0.57% per year, which we refer to as the “investor fee rate.” We may, at our sole discretion, increase the investor fee rate to a rate of up to 0.75% per year by issuing a press release announcing such increase no less than 15 calendar days prior to the effective date of such increase. The investor fee reduces the daily return of the New Notes. Because the net effect of the investor fee is a fixed percentage of the value of each New Note, the aggregate effect of the investor fee will increase or decrease in a manner directly proportional to the value of each New Note and the amount of New Notes that are held, as applicable.

Intraday Indicative Value		The intraday indicative value is intended to provide investors with an approximation of the effect that changes in the level of the Index during the current trading day would have on the closing indicative value of the New Notes from the previous day. Intraday indicative value differs from closing indicative value in two important respects. First, intraday indicative value is based on the most recent Index level published by the Index Sponsor, which reflects the most recent reported sales prices for the Index components, rather than the closing indicative value for the immediately preceding calendar day. Second, the intraday indicative value only reflects the investor fee and the futures execution cost for the New Notes at the close of business on the preceding calendar day, but does not include any adjustment for the investor fee or the futures execution cost during the course of the current day. The intraday indicative value is not the market price of the New Notes in any secondary market and is not intended as a price or quotation, or as an offer or solicitation for the purchase or sale of the New Notes or as a recommendation to transact in the New Notes at the stated price. Because the intraday indicative value is based on the intraday Index levels, it will reflect any lags, disruptions or suspensions that affect the Index. The market price of the New Notes at any time may

		vary significantly from the intraday indicative value due to, among other things, imbalances of supply and demand for the New Notes (including as a result of any decision of ours to issue, stop issuing or resume issuing additional New Notes), futures contracts included in the Index and/or other derivatives related to the Index or the New Notes; any trading disruptions, suspension or limitations to any of the forgoing; lack of liquidity; severe volatility; transaction costs; credit considerations; and bid-offer spreads. A premium or discount market price over the intraday indicative value can also arise as a result of mismatches of trading hours between the New Notes and the futures contracts included in the Index, actions (or failure to take action) by the Index Sponsor and the relevant exchange of the futures contracts included in the Index and technical or human errors by service providers, market participants and others.

Early Redemption

Holder Redemption		Subject to the notification requirements described below, you may redeem your New Notes on any redemption date during the term of the New Notes. If you redeem your New Notes, you will receive a cash payment in U.S. dollars per New Note on such date in an amount equal to the closing indicative value on the applicable valuation date. You must redeem at least 50,000 New Notes at one time in order to exercise your right to redeem your New Notes on any redemption date. If you hold fewer than 50,000 New Notes or fewer than 50,000 New Notes are outstanding, you will not be able to exercise your right to redeem your New Notes. In order to redeem your New Notes on a redemption date, you must deliver a notice of holder redemption to us via email by no later than 4:00 p.m., New York City time, on the business day prior to the applicable valuation date and follow the procedures set forth under “—Early Holder Redemption Procedures” below. If you fail to comply with these procedures, your notice will be deemed ineffective. Notwithstanding the foregoing, beginning after the close of trading on February 28, 2020 we have reduced the minimum redemption amount to 5,000 New Notes. Our reduction of the minimum redemption amount will be available to any and all holders of the New Notes on such early redemption dates and will remain in effect until February 28, 2022, unless extended at Barclays’ sole discretion. We may, at any time and in our sole discretion, make further modifications to the minimum redemption amount, including, among others, to reinstate the minimum redemption amount of 50,000 New Notes for all redemption dates after such further modification. Any such modification will be applied on a consistent basis for all holders of the New Notes at the time such modification becomes effective.

Early Holder Redemption Procedures		You may, subject to the minimum redemption amount described above, elect to redeem your New Notes on any redemption date. To redeem your New Notes, you must instruct your broker or other person with whom you hold your New Notes to take the following steps: · deliver a notice of holder redemption, in proper form, which is attached as Annex A, to us via facsimile or email by no later than 4:00 p.m., New York City time, on the business day prior to the applicable valuation date. If we receive your notice by the time specified in the preceding sentence, we will respond by sending you a form of confirmation of holder redemption, which is attached as Annex B;

		· deliver the signed confirmation of holder redemption to us via facsimile or email in the specified form by 5:00 p.m., New York City time, on the same day. We or our affiliate must acknowledge receipt in order for your confirmation to be effective; · instruct your DTC custodian to book a delivery vs. payment trade with respect to your New Notes on the valuation date at a price equal to the applicable closing indicative value, facing Barclays DTC 229; and · cause your DTC custodian to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m., New York City time, on the applicable redemption date (the third business day following the valuation date). Different brokerage firms may have different deadlines for accepting instructions from their customers. Accordingly, you should consult the brokerage firm through which you own your interest in the New Notes in respect of such deadlines. If we do not receive your notice of holder redemption by 4:00 p.m., New York City time, or your confirmation of holder redemption by 5:00 p.m., New York City time, on the business day prior to the applicable valuation date, your notice will not be effective and we will not redeem your New Notes on the applicable redemption date. Any redemption instructions for which we (or our affiliate) receive a valid confirmation in accordance with the procedures described above will be irrevocable. If you elect to redeem your New Notes on a redemption date that is later in time than the redemption date resulting from our subsequent election to exercise our issuer redemption right, your election to redeem your New Notes will be deemed to be ineffective, and your New Notes will instead be redeemed on the redemption date pursuant to such issuer redemption. The redemption value for the New Notes is determined according to a formula which relies upon the closing indicative value for the New Notes and will be calculated on a valuation date that will occur after the redemption notice is submitted. It is not possible to publicly disclose, or for you to determine, the precise redemption value of your New Notes prior to your election to redeem. The redemption value of the New Notes may be below the most recent intraday indicative value or closing indicative value of the New Notes at the time when you submit your redemption notice.

Issuer Redemption		We may redeem the New Notes (in whole but not in part) at our sole discretion on any business day on or after the inception date until and including maturity. To exercise our right to redeem, we must deliver notice to the holders of the New Notes to be redeemed not less than ten calendar days prior to the redemption date on which we intend to redeem the New Notes. If we redeem the New Notes, you will receive a cash payment in U.S. dollars per New Note in an amount equal to the applicable closing indicative value on the applicable valuation date.

Valuation Date		A valuation date for the New Notes means each business day from April 20, 2011 to April 15, 2041, inclusive (subject to the occurrence of a market disruption event) or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days. We refer to April 15, 2041 as the “final valuation date.”

Redemption Date		In the case of holder redemption, a redemption date is the third business

		day following each valuation date (other than the final valuation date). The final redemption date will be the third business day following the valuation date that is immediately prior to the final valuation date. In the case of issuer redemption, the redemption date is the date specified by us in the issuer redemption notice, which will in no event be prior to the tenth calendar day following the date on which we deliver such notice. In the event that payment upon early redemption is deferred beyond the original redemption date, penalty interest will not accrue or be payable with respect to that deferred payment.

Trading Day		A trading day is a day on which (i) the level of the Index is published by the Index Sponsor, (ii) trading is generally conducted on NYSE Arca and (iii) trading is generally conducted on the markets on which the futures contracts underlying the Index are traded, in each case as determined by the calculation agent in its sole discretion.

Business Day		When we refer to a business day, we mean a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in London or New York City generally are authorized or obligated by law, regulation or executive order to close.

Additional Terms of the New Notes

Market Disruption Events		The calculation agent will determine the value of the Index on each valuation date, including the final valuation date. As described above, a valuation date may be postponed and thus the determination of the value of the Index may be postponed if the calculation agent determines that, on a valuation date, a market disruption event has occurred or is continuing in respect of any index component. If such a postponement occurs, the value of the index components unaffected by the market disruption event shall be determined on the scheduled valuation date, and the value of the affected index component shall be determined using the closing value of the affected index component on the first trading day after that day on which no market disruption event occurs or is continuing. In no event, however, will a valuation date be postponed by more than five trading days. If a valuation date is postponed until the fifth trading day following the scheduled valuation date but a market disruption event occurs or is continuing on such day, that day will nevertheless be the valuation date and the calculation agent will make a good faith estimate in its sole discretion of the value of the Index for such day. Any of the following will be a “market disruption event”: · a material limitation, suspension or disruption in the trading of any index component which results in a failure by the trading facility on which the relevant contract is traded to report a daily contract reference price (the price of the relevant contract that is used as a reference or benchmark by market participants); · the daily contract reference price for any index component is a “limit price”, which means that the daily contract reference price for such contract has increased or decreased from the previous day’s daily contract reference price by the maximum amount permitted under the applicable rules or procedures of the relevant trading facility; · failure of the applicable trading facility or other price source to announce or publish the daily contract reference price for an index

		component; or · any other event, if the calculation agent determines in its sole discretion that the event materially interferes with our ability or the ability of any of our affiliates to unwind all or a material portion of a hedge with respect to the New Notes that we or our affiliates have effected or may effect. The following events will not be market disruption events: · a limitation on the hours or numbers of days of trading on a trading facility on which any index component is traded, but only if the limitation results from an announced change in the regular business hours of the relevant market; or · a decision by a trading facility to permanently discontinue trading in any index component.

Discontinuance or Modification of the Index		If the Index Sponsor discontinues publication of the Index and it or any other person or entity publishes an index that the calculation agent determines is comparable to the discontinued Index and approves as a successor index, then the calculation agent will determine the value of the Index on the applicable valuation date and the amount payable at maturity or upon early redemption by reference to such successor index. If the calculation agent determines that the publication of the Index is discontinued and that there is no successor index, or that the closing level of the Index is not available because of a market disruption event or for any other reason, on the date on which the value of the Index is required to be determined, or if for any other reason the Index is not available to us or the calculation agent on the relevant date, the calculation agent will determine the amount payable by a computation methodology that the calculation agent determines will as closely as reasonably possible replicate the Index. If the calculation agent determines that the Index, the index components of the Index or the method of calculating the Index has been changed at any time in any respect—including any addition, deletion or substitution and any reweighting or rebalancing of index components, and whether the change is made by the Index Sponsor under its existing policies or following a modification of those policies, is due to the publication of a successor index, is due to events affecting one or more of the index components, or is due to any other reason—then the calculation agent will be permitted (but not required) to make such adjustments to the Index or method of calculating the Index as it believes are appropriate to ensure that the value of the Index used to determine the amount payable on the maturity date or upon redemption is equitable. All determinations and adjustments to be made by the calculation agent with respect to the value of the Index and the amount payable at maturity or upon early redemption or otherwise relating to the value of the Index may be made in the calculation agent’s sole discretion.

Modification and Waiver		We and the Trustee may make certain modifications and amendments to the Indenture applicable to each series of debt securities, including the New Notes, without the consent of the holders of the debt securities. We may make other modifications and amendments with the consent of the holder(s) of not less than a majority of the debt securities of the series

		outstanding under the Indenture that are affected by the modification or amendment. However, we may not make any modification or amendment without the consent of the holder of each affected debt security that would: · change the terms of any debt security to change the stated maturity date of its principal amount; · change the principal amount of, or any premium or rate of interest, with respect to any debt securities; · reduce the amount of principal on a discount security that would be due and payable upon an acceleration of the maturity date of any series of debt securities; · change our obligation, or any successor’s, to pay additional amounts, if any; · change the places at which payments are payable or the currency of payment; · impair the right to sue for the enforcement of any payment due and payable, to the extent that such right exists; · reduce the percentage in aggregate principal amount of outstanding debt securities of the series necessary to modify or amend the Indenture or to waive compliance with certain provisions of the Indenture and any past Event of Default; · change our obligation to maintain an office or agency in the place and for the purposes specified in the Indenture; · modify the terms and conditions of our obligations in respect of the due and punctual payment of the amounts due and payable on the debt securities in a manner adverse to the holders; or · modify the foregoing requirements or the provisions of the Indenture relating to the waiver of any past Event of Default or covenants, except as otherwise specified.

Default Amount on Acceleration		If an Event of Default (as defined below) occurs and the maturity of the New Notes is accelerated, we will pay the default amount in respect of the principal of the New Notes at maturity. The default amount for the New Notes on any day will be an amount, determined by the calculation agent in its sole discretion, equal to the cost of having a qualified financial institution, of the kind and selected as described below, expressly assume all our payment and other obligations with respect to the New Notes as of that day and as if no default or acceleration had occurred, or to undertake other obligations providing substantially equivalent economic value to holders with respect to the New Notes. That cost will equal: · the lowest amount that a qualified financial institution would charge to effect this assumption or undertaking, plus · the reasonable expenses, including reasonable attorneys’ fees, incurred by the holders of the New Notes in preparing any documentation necessary for this assumption or undertaking.

		Street name and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the Trustee and how to waive any past Event of Default.

Consolidation, Merger and Sale of Assets; Assumption		We may, without the consent of the holders of any of the debt securities, consolidate or amalgamate with, merge into or transfer or lease our assets substantially as an entirety to, any of the persons specified in the Indenture. However, any successor corporation formed by any consolidation, amalgamation or merger, or any transferee or lessee of our assets, must be a bank organized under the laws of the United Kingdom that assumes our obligations on the debt securities and the Indenture, and a number of other conditions must be met. Subject to applicable law and regulation (including, if and to the extent required by the Capital Regulations at such time, the prior consent of the PRA), any of our wholly owned subsidiaries may assume our obligations under the debt securities of any series without the consent of any holder (the “Substituted Issuer”). We, however, must irrevocably guarantee the obligations of the Substituted Issuer under the debt securities of that series. If we do, all of our direct obligations under the debt securities of the series and the Indenture shall immediately be discharged. “Capital Regulations” means, at any time, the laws, regulations, requirements, standards, guidelines and policies relating to capital adequacy for credit institutions of either (i) the PRA and/or (ii) any other national or European authority, in each case then in effect in the United Kingdom (or in such other jurisdiction in which the Issuer may be organized or domiciled) and applicable to the Group including, as at the date hereof, CRD IV and related technical standards. “CRD IV” consists of Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, as the same may be amended or replaced from time to time and the CRD IV Regulation. “CRD IV Regulation” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of the European Parliament and of the Council of June 26, 2013, as the same may be amended or replaced from time to time. “PRA” means the Prudential Regulation Authority of the United Kingdom or such other governmental authority in the United Kingdom (or if Barclays Bank PLC becomes domiciled in a jurisdiction other than the United Kingdom, such other jurisdiction) having primary responsibility for the prudential supervision of Barclays Bank PLC.

Notices		Notices regarding the debt securities will be valid: · with respect to global debt securities in bearer form, if in writing and delivered or mailed to each direct holder; · in the case of Dated Subordinated Debt Securities, with respect to global debt securities if given in accordance with the applicable procedures of the depositary for such global debt securities; or · if registered debt securities are affected, if given in writing and mailed to each direct holder as provided in the applicable indenture; or · with respect to bearer definitive debt securities, if published at least once

		in an Authorized Newspaper (as defined in the indentures) in the Borough of Manhattan in New York City and as the applicable prospectus supplement may specify otherwise. Any notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first publication. If publication is not practicable, notice will be valid if given in any other manner, and deemed to have been given on the date, as we shall determine. With respect to a global debt security representing any series of debt securities, a copy of all notices with respect to such series will be delivered to the depositary for such global debt security.

Consent to Service		Barclays Bank PLC (New York Branch), 745 Seventh Avenue, New York, New York 10019, Attention: General Counsel has been designated as our authorized agent for service of process in any proceeding arising out of or relating to the Senior Debt Securities Indenture or Senior Debt Securities brought in any federal or state court in New York City, and, pursuant to the Senior Debt Securities Indenture, we have irrevocably submitted to the jurisdiction of these courts.

Governing Law		The New Notes and the Indenture will be governed by and construed in accordance with the laws of the State of New York.

Trustee		The Bank of New York Mellon is the Trustee under the Indenture. The trustee has two principal functions: · first, it can enforce a holder’s rights against us if we default on debt securities issued under the indentures. There are some limitations on the extent to which the trustee acts on a holder’s behalf, described under “—Events of Default” and “—Limitations on Suits”; and · second, the trustee performs administrative duties for us, such as sending the holder’s interest payments, transferring debt securities to a new buyer and sending notices to holders. We and some of our subsidiaries maintain deposit accounts and conduct other banking transactions with the trustee in the ordinary course of our respective businesses.

Payment and Paying Agents		Any payment on or delivery of New Notes at maturity will be made to accounts designated by holders and approved by us, or at the office of the Trustee in New York City, but only when the New Notes are surrendered to the Trustee at that office. We also may make any payment or delivery in accordance with the applicable procedures of DTC. We will pay interest to direct holders listed in the Trustee’s records at the close of business on a particular day in advance of each due date for interest, even if the direct holder no longer owns the security on the interest due date. That particular day, usually about one business day in advance of the interest due date, is called the regular record date. We will pay interest, principal and any other money due on the debt securities at the corporate trust office of the Trustee in New York City. Holders of debt securities must make arrangements to have their payments picked up at or wired from that office. We may also choose to pay interest by mailing checks. Street name and other indirect holders should consult their banks or

		brokers for information on how they will receive payments. We may also arrange for additional payment offices, and may cancel or change these offices, including our use of the Trustee’s corporate trust office. These offices are called paying agents. We may also choose to act as our own paying agent. We must notify the Trustee of changes in the paying agents for any particular series of debt securities.

Calculation Agent		Currently, Barclays Bank PLC serves as the calculation agent for the New Notes. We may change the calculation agent after the original issue date of the New Notes without notice. The calculation agent will, in its sole discretion, make all determinations regarding the value of the New Notes.

A	B	C	D	E	F	G
Year	Index Level	Annualized Index Return	Yearly Investor Fee	Futures Execution Cost	Total	Closing Indicative Value
A	B	C	C x Previous CINV x 0.57%	C x Previous CINV x 0.10%	Running total of D and E	C x Previous CINV – D-E
0	100.0000	-	-	-	-	$50.00
1	103.0000	3.00%	$0.29	$0.05	$0.35	$51.15
2	106.0900	3.00%	$0.30	$0.05	$0.70	$52.34
3	109.2727	3.00%	$0.31	$0.05	$1.06	$53.55
4	112.5509	3.00%	$0.31	$0.06	$1.43	$54.78
5	115.9274	3.00%	$0.32	$0.06	$1.81	$56.05
6	119.4052	3.00%	$0.33	$0.06	$2.19	$57.34
7	122.9874	3.00%	$0.34	$0.06	$2.59	$58.67
8	126.6770	3.00%	$0.34	$0.06	$2.99	$60.02
9	130.4773	3.00%	$0.35	$0.06	$3.41	$61.41
10	134.3916	3.00%	$0.36	$0.06	$3.83	$62.83
11	138.4234	3.00%	$0.37	$0.06	$4.27	$64.28
12	142.5761	3.00%	$0.38	$0.07	$4.71	$65.76
13	146.8534	3.00%	$0.39	$0.07	$5.16	$67.28
14	151.2590	3.00%	$0.40	$0.07	$5.63	$68.84
15	155.7967	3.00%	$0.40	$0.07	$6.10	$70.43
16	160.4706	3.00%	$0.41	$0.07	$6.59	$72.05
17	165.2848	3.00%	$0.42	$0.07	$7.09	$73.72
18	170.2433	3.00%	$0.43	$0.08	$7.59	$75.42
19	175.3506	3.00%	$0.44	$0.08	$8.11	$77.16

				Annualized Index Return	0.00%
				Annualized New Note Return	-0.67%

Designated Contract delivery months as at the start of each month (delivery month letters are set out in Table 2).
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
G	H	J	K	M	N	Q	U	V	X	Z	F

Delivery Month	Letter	Delivery Month	Letter	Delivery Month	Letter
January	F	May	K	September	U
February	G	June	M	October	V
March	H	July	N	November	X
April	J	August	Q	December	Z

Nov-09	2	Dec-09	1	Jan-10	3	Feb-10	2	Mar-10	2	Apr-10	1
May-10	2	Jun-10	1	Jul-10	1	Aug-10	2	Sep-10	1	Oct-10	1
Nov-10	1	Dec-10	1	Jan-11	2	Feb-11	2	Mar-11	2	Apr-11	3
May-11	2	Jun-11	2	Jul-11	3	Aug-11	3	Sep-11	2	Oct-11	1
Nov-11	2	Dec-11	4	Jan-12	3	Feb-12	2	Mar-12	4	Apr-12	3
May-12	4	Jun-12	4	Jul-12	4	Aug-12	3	Sep-12	4	Oct-12	3
Nov-12	2	Dec-12	4	Jan-13	3	Feb-13	3	Mar-13	4	Apr-13	3
May-13	5	Jun-13	4	Jul-13	3	Aug-13	2	Sep-13	2	Oct-13	3
Nov-13	2	Dec-13	4	Jan-14	3	Feb-14	5	Mar-14	4	Apr-14	3
May-14	2	Jun-14	2	Jul-14	3	Aug-14	3	Sep-14	2	Oct-14	1
Nov-14	1	Dec-14	2	Jan-15	1	Feb-15	2	Mar-15	2	Apr-15	2
May-15	1	Jun-15	2	Jul-15	1	Aug-15	2	Sep-15	2	Oct-15	2
Nov-15	2	Dec-15	2	Jan-16	1	Feb-16	1	Mar-16	2	Apr-16	2
May-16	1	Jun-16	2	Jul-16	2	Aug-16	2	Sep-16	2	Oct-16	2
Nov-16	2	Dec-16	2	Jan-17	2	Feb-17	2	Mar-17	3	Apr-17	3
May-17	2	Jun-17	2	Jul-17	3	Aug-17	3	Sep-17	2	Oct-17	2
Nov-17	2	Dec-17	3	Jan-18	3	Feb-18	3	Mar-18	2	Apr-18	3
May-18	3	Jun-18	3	Jul-18	3	Aug-18	2	Sep-18	2	Oct-18	2
Nov-18	2	Dec-18	3	Jan-19	3	Feb-19	3	Mar-19	4	Apr-19	3
May-19	3	Jun-19	3	Jul-19	3	Aug-19	3	Sep-19	4	Oct-19	3
Nov-19	2	Dec-19	2	Jan-20	3	Feb-20	3	Mar-20	4	Apr-20	3
May-20	2	Jun-20	2	Jul-20	2	Aug-20	3	Sep-20	3	Oct-20	4
Nov-20	2	Dec-20	4	Jan-21	3	Feb-21	3	Mar-21	4	Apr-21	4

Date	Index Value
December 30, 1999	100.0000
December 29, 2000	146.0976
December 31, 2001	131.5982
December 31, 2002	210.3626
December 31, 2003	293.7918
December 31, 2004	461.9042
December 30, 2005	644.8020
December 29, 2006	600.0314
December 31, 2007	898.3317
December 31, 2008	449.2601
December 31, 2009	588.5498
December 31, 2010	611.1049
December 30, 2011	616.1478
December 31, 2012	554.9402
December 31, 2013	610.5596
December 31, 2014	366.5819
December 31, 2015	220.3456
December 30, 2016	258.3244

December 29, 2017	267.3591
December 31, 2018	217.7548
December 31, 2019	289.8538
December 31, 2020	218.1841
May 21, 2021	291.0126

	Old Notes	New Notes
*General*
Issuer	Barclays Bank PLC	Barclays Bank PLC
Notes	iPath^® S&P GSCI^® Crude Oil Total Return Index ETNs due August 14, 2036 (CUSIP: 06738C760 / ISIN: US06738C7609)	iPath^® Pure Beta Crude Oil ETNs due April 18, 2041 (CUSIP: 06740P221 / ISIN: US06740P2213)
Indenture	Senior debt securities indenture, dated September 16, 2004, as may be amended or supplemented from time to time	Senior debt securities indenture, dated September 16, 2004, as may be amended or supplemented from time to time
Series	Global Medium-Term Notes, Series A	Global Medium-Term Notes, Series A
Ranking	The Old Notes constitute our unsecured and unsubordinated obligations ranking pari passu, without any preference among themselves, with all our other outstanding unsecured and unsubordinated obligations, present and future, except those obligations as are preferred by operation of law.	The New Notes constitute our unsecured and unsubordinated obligations ranking pari passu, without any preference among themselves, with all our other outstanding unsecured and unsubordinated obligations, present and future, except those obligations as are preferred by operation of law.
Principal Amount	$2,000 per Old Note	$50 per New Note
Inception, Issuance and Maturity	The Old Notes were first sold on August 15, 2006, were first issued on August 18, 2006 and will be due on August 14, 2036. We refer to August 15, 2006, as the “inception date” for the Old Notes. If the maturity date is not a business day, the maturity date will be the next following business day. If the fifth business day before this day does not qualify as a valuation date (as described below), then the maturity date will be the fifth business day following the final valuation date. The calculation agent may postpone the final valuation date — and therefore the maturity date — if a market disruption event occurs or is continuing on a day that would otherwise be the final	The New Notes were first sold on April 20, 2011, were first issued on April 26, 2011 and will be due on April 18, 2041. We refer to April 20, 2011, as the “inception date” for the New Notes. If the maturity date is not a business day, the maturity date will be the next following business day. If the fifth business day before this day does not qualify as a valuation date (as described below), then the maturity date will be the fifth business day following the final valuation date. The calculation agent may postpone the final valuation date — and therefore the maturity date — if a market disruption event occurs or is continuing on a day that would otherwise be the final

	Old Notes	New Notes
	valuation date. We describe market disruption events under “—Market Disruption Events” below. In the event that payment at maturity is deferred beyond the stated maturity date, penalty interest will not accrue or be payable with respect to that deferred payment.	valuation date. We describe market disruption events under “—Market Disruption Events” below. In the event that payment at maturity is deferred beyond the stated maturity date, penalty interest will not accrue or be payable with respect to that deferred payment.
Secondary Market	Since April 13, 2018, the Old Notes have not been listed on any securities exchange.	We have listed the New Notes on NYSE Arca under the ticker symbol “OIL.”
Index	The return on the Old Notes is linked to the performance of the S&P GSCI^® Crude Oil Total Return Index (the “Old Index”). The Old Index is a sub-index of the S&P GSCI^®Commodity Index (the “S&P GSCI”) and reflects the excess returns that are potentially available through an unleveraged investment in the contracts comprising the Old Index, plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts. The only contract currently used to calculate the Old Index is the West Texas Intermediate (“WTI”) crude oil futures contract traded on the New York Mercantile Exchange. The S&P GSCI is an index on a production-weighted basket of futures contracts on physical commodities traded on trading facilities in major industrialized countries. S&P Dow Jones Indices LLC is currently responsible for calculating, publishing and maintaining the Old Index.	The return on the New Notes is linked to the performance of the Barclays WTI Crude Oil Pure Beta TR (the “New Index”). The New Index is designed to give investors exposure to total returns of the commodities included in the Barclays Single Commodity Total Return Index (the “Reference Index”), while mitigating the effects of certain distortions in the commodity markets on such returns through the application of the Barclays Pure Beta Series 2 Methodology. The New Index is comprised of exchange-traded futures contracts for WTI crude oil that are included in the Reference Index, as adjusted from time to time. However, unlike the Reference Index, which rolls its exposure to the futures contracts on a monthly basis in accordance with a pre-determined roll schedule, the New Index may roll into one of a number of futures contracts with varying expiration dates, as selected using the Barclays Pure Beta Series 2 Methodology. The New Index and the Reference Index were created by Barclays Bank PLC, which is the owner of the intellectual property and licensing rights relating to the New Index and Reference Index. The New Index and Reference Index are administered, calculated and published by Barclays Index Administration (the “New Index Sponsor”), a distinct function within the Investment Bank of Barclays Bank PLC.
*Payment at Maturity*
Payment at Maturity	If you hold your Old Notes to maturity, you will receive a cash payment per Old Note at maturity in U.S. dollars at maturity in an amount equal to (1) the principal amount of your Old Notes times	If you hold your New Notes to maturity, you will receive a cash payment per New Note at maturity in U.S. dollars equal to the closing indicative value on the final

	Old Notes	New Notes
	(2) the applicable index factor on the final valuation date minus (3) the investor fee on the final valuation date.	valuation date.
Closing Indicative Value	The Closing Indicative Value per Old Note on any day is an amount equal to (1) the principal amount of the Old Notes times (2) the index factor for the Old Notes on that day minus (3) the investor fee per Old Note on that day.	The closing indicative value on the inception date of the New Notes was $50. On each subsequent calendar day until maturity or early redemption of the New Notes, the closing indicative value per New Note will equal (1) the closing indicative value on the immediately preceding calendar day times (2) the daily index factor on such calendar day (or, if such day is not an index business day, one) minus (3) the investor fee on such calendar day minus (4) the futures execution cost on such calendar day. An “index business day” is a day on which the New Index is calculated, as determined by the NYSE Holiday & Hours schedule, as published on https://www.nyse.com/markets/hours-calendars or any successor website thereto. Information contained on the NYSE website is not incorporated by reference in, and should not be considered a part of, this prospectus.
Index Factor	The index factor for the Old Notes on any trading day will be equal to the closing level of the Old Index on that trading day divided by the initial index level. The initial index level was the closing level of the Old Index on the inception date of the Old Notes.	Not applicable
Daily Index Factor	Not applicable	The daily index factor for the New Notes on any index business day will equal (1) the closing level of the New Index on such index business day divided by (2) the closing level of the New Index on the immediately preceding index business day.
Futures Execution Cost	Not applicable	The futures execution cost on the inception date of the New Notes was equal to zero. On each subsequent calendar day until maturity or early redemption of the New Notes, the futures execution cost for each New Note will be equal to (1) 0.10% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the daily index factor on such calendar day (or, if such day is not an index business day, one) divided by (4)

	Old Notes	New Notes
		365. The net effect of the futures execution cost accumulates over time and is subtracted at the rate of 0.10% per year.
Investor Fee	The investor fee per Old Note on the inception date of the Old Notes was zero. On each subsequent calendar day until maturity or early redemption of the Old Notes, the investor fee per Old Note will increase by an amount equal to (1) 0.75% times (2) the principal amount of your Old Notes times (3) the applicable index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by (4) 365.	The investor fee per New Note on the inception date of the New Notes was zero. On each subsequent calendar day until January 29, 2021, the investor fee per New Note was equal to (1) 0.75% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) divided by (4) 365. Effective as of February 1, 2021, the investor fee per New Note will be equal to (1) 0.57% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) divided by (4) 365. We may, at our sole discretion, increase the investor fee rate to a rate of up to 0.75% per year by issuing a press release announcing such increase no less than 15 calendar days prior to the effective date of such increase.
*Early Redemption*
Holder Redemption	Subject to the notification requirements described below, you may redeem your Old Notes on any redemption date during the term of the Old Notes. If you redeem your Old Notes, you will receive a cash payment in U.S. dollars per Old Note on such date in an amount equal to the daily redemption value, which is (1) the principal amount of your Old Notes times (2) the applicable index factor on the applicable valuation date minus (3) the investor fee on the applicable valuation date. You must redeem at least 1,250 Old Notes at one time in order to exercise your right to redeem your Old Notes on any redemption date. If you hold fewer than 1,250 Old Notes or fewer than 1,250 Old Notes are outstanding, you will not be able to exercise your right to redeem your Old Notes. In order to redeem your Old Notes on a redemption date, you must deliver a notice of holder redemption to us	Subject to the notification requirements described below, you may redeem your New Notes on any redemption date during the term of the New Notes. If you redeem your New Notes, you will receive a cash payment in U.S. dollars per New Note on such date in an amount equal to the closing indicative value on the applicable valuation date. You must redeem at least 50,000 New Notes at one time in order to exercise your right to redeem your New Notes on any redemption date. If you hold fewer than 50,000 New Notes or fewer than 50,000 New Notes are outstanding, you will not be able to exercise your right to redeem your New Notes. In order to redeem your New Notes on a redemption date, you must deliver a notice of holder redemption to us via email by no later than 4:00 p.m., New York City time, on the business day prior to the applicable