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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