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Barclays to Take £450 Million Hit on ‘Bizarre’ Bond Blunder

  • Lender issued $15 billion more securities than it registered
  • British bank looking to repurchase affected instruments
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WATCH: Barclays will take a $591 million hit after issuing almost double as many structured notes and exchange traded notes as it had registered for sale.Source: Bloomberg
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Barclays Plc expects to take a 450 million-pound ($591 million) hit and will delay a share buyback after mistakenly issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale.

The firm issued about $36 billion of investment products after registering with U.S. regulators in August 2019 to sell up to $20.8 billion, according to a statement Monday. The error will require the firm to repurchase affected securities -- a so-called rescission offer -- at their original price.