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Barclays launched an offer to buyback any and all of its $1.25bn 4.375% bonds due 2024 for cash. Barclays said that the offer was made as part of its liabilities management exercise. The purchase price will be calculated by the Dealer Manager with reference to the spread over the yield to maturity of the reference US Treasury Security (0.375% 2024s) at 2pm ET on December 15, which is also the offer expiration deadline. Barclays will also pay accrued and unpaid interest on the subordinated Tier 2 notes. Settlement on the notes is expected on December 20.
Its 4.375% 2024s were trading stable at 98.6 cents on the dollar, yielding 6.37%.
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