Barclays to Launch Rescission Offer for Oversold Securities in US
July 25 2022 - 7:50AM
Dow Jones News
By Sabela Ojea
Barclays PLC said Monday that it expects to start a rescission
offer on Aug. 1 in relation to the securities it oversold for
around a year in the U.S., which made it book a 450 million-pound
($540.3 million) provision for the first quarter of 2022.
The U.K. bank said the rescission offer is aimed at eligible
purchasers of around $17.6 billion of relevant securities issued in
excess of amounts registered by its wholly owned subsidiary
BBPLC.
The FTSE 100 listed lender added that the offer, which expires
on Sept. 12, will consist of around $14.8 billion of structured
notes and around $2.8 billion of exchange-traded notes.
The estimated loss of GBP450 million was based on March's market
prices of the affected securities and the estimated pool of
potential eligible purchases choosing to partake in the rescission
offer.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 25, 2022 07:35 ET (11:35 GMT)
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