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(Correcting the amount of structured notes.)
- Barclays Bank PLC on Monday said it is planning an offer to rescind previous purchases of $17.6 billion of securities that were issued in excess of registered amounts.
These securities consist of $14.8 billion of structured notes and $2.8 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 £450 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 1.2% at 159.76 pence in London on Monday.
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