NEW YORK, March 9 (Reuters) - Cboe BZX Exchange, Inc
suspended trading in the iPath US Treasury Long Bond Bear ETNs
on Monday and will delist the exchange traded note issued
by Barclays Bank PLC, the British Bank said.
The leveraged ETN, used to bet against the Treasury market,
was suspended following the recent declines in the principal
amount of the notes below the $400,000 minimum required by Cboe,
the bank said in statement late on Friday.
The DLBS ETN started the year with a market capitalization
of about $6.6 million, but the rally in Treasuries this year has
slashed its value.
The economic threat from the spread of the coronavirus has
sent investors headlong into bonds in recent days, making
betting against Treasuries a painful affair.
The Barclays Long Bond US Treasury Futures Targeted Exposure
Index, on which the DLBS ETN provides inverse
exposure, is up 8.4% this month, on pace for its largest monthly
gain ever.
On Monday, U.S. 10-year Treasury yields slid to a record low
after oil prices suffered their biggest daily rout since the
1991 Gulf War as top producers Saudi Arabia and Russia began a
price war that threatens to overwhelm global oil markets with
supply.
(Reporting by Saqib Iqbal Ahmed; Editing by Dan Grebler)