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WSJ: Barclays to sell up to $6.5 billion in US debt, including $6 billion in debt due in 2018

June 17, 2021 Comments Off on WSJ: Barclays to sell up to $6.5 billion in US debt, including $6 billion in debt due in 2018 By admin

WSJ.com: Barclays aims to shed debt as it attempts to bolster profit from its $5.9 billion loss from the Brexit deal article Barclays has announced plans to sell its remaining $6bn in U.S. debt due 2018 and its 2018 $1.8bn due in 2019, including the $1bn due this year.

In a statement, the bank said it expects the restructuring plan to be completed in the third quarter of 2019, subject to regulatory approval.

The plan will remove debt with a maturity date of 2019-20, according to the statement.

The bank said that “due to the current nature of our business, it will be difficult to obtain additional financing from our existing suppliers for the required financing.”

Banking stocks, including Barclays, are up more than 6 percent after the announcement.

Shares of General Electric Corp. GIE.

N jumped more than 3 percent after regulators said they could approve the merger with GE Capital Inc. GE.

N is part of the U.K. government.

The Wall Street Journal reports that the deal, which could generate as much as $1 billion annually in annual savings for the bank, is in the works.

Barclays said in the statement that it plans to use the proceeds from the sale to accelerate the resolution of its 2017-2018 consolidated earnings, including in-house and global headcount.

Shares in Wells Fargo & Co. WFC.

N were up 2.3 percent.

Shares on the NASDAQ were up about 1 percent.

Bank stocks were up slightly in after-hours trading, after the bank announced plans Friday to sell $1 in debt with an interest rate of 5.75 percent.

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