Barclays PLC (BARC.LN) is offering to buy back up to EUR2.5 billion of its subordinated bonds for cash, the bank said.

The securities to be bought back are a number of core Tier 1 and perpetual subordinated securities denominated in dollars and sterling. The bonds will be bought at a discount, ranging from 65% to 89.5% of their face value.

The offer expires Jan 3, although bondholders who respond by Dec. 16 will receive a "early tender premium".

The rationale of the buy back offer is to "enhance further the quality of its capital structure through the reduction of non-Basel III compliant tier one capital and subsequent generation of additional core Tier 1 capital" the bank said.

-By Serena Ruffoni, Dow Jones Newswires; +44 (0) 207 842 9349; serena.ruffoni@dowjones.com

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