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Barclays has become the latest bank to offer to buy back billions of pounds of its debt at a discount in an effort to bolster its core loss-bearing capital.
The bank said it would buy back £2.5bn of its bonds at as much as a 30pc discount to their face value. The offer follows a deal launched by Lloyds Banking Group last week to exchange £4.9bn of its outstanding bonds for new debt as part of a programme designed to boost the lender's Core Tier 1 capital. Bondholders will have until December 16 to choose whether they wish to tender their debt, however those that offer to sell their holding earlier will be offered a premium.
The offer came as reports suggested the capital shortfalls of banks under the new European Banking Authority (EBA) stress tests could be larger than originally thought. Andrea Enria, chairman of the EBA, warned last night that forcing banks to shrink their balance sheets and build up.....Read more here----> Barclays offers to buy back £2.5bn of debt at a discount
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