25th Jul 2022 13:20
(Alliance News) - Barclays Bank PLC on Monday said it is planning an offer to rescind previous purchases of USD17.6 billion of securities that were issued in excess of registered amounts.
These securities consist of USD14.8 million of structured notes and USD2.8 billion of exchange-traded notes.
The rescission offer is expected to start on August 1 and remain open for 30 US business days.
Back in March, Barclays PLC warned of a GBP450 million hit due to the over-issuance of structured notes and exchange traded notes.
The London-based bank explained that securities offered and sold under its US shelf registration statement for an approximate one-year period had exceeded a registered amount. This, the bank explained, gives the purchasers of the affected securities a right of rescission, requiring Barclays Bank to repurchase the affected securities at their original purchase price.
Shares in Barclays were up 1.3% at 159.92 pence in London around midday on Monday.
By Lucy Heming; [email protected]
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