Legal & General Group PLC (LSE:LGEN) has announced plans to buy back £600 million of its outstanding 2045 bonds, the full amount currently in issue.
The move comes one day after the pricing of a new sterling-denominated Tier 2 bond issue, and with the new notes in place, the FTSE 100 group has decided to buy back the old bonds.
The offer targets Legal & General’s fixed rate reset subordinated notes due 2045, part of the group’s long-dated capital structure.
L&G said it may purchase less – or even none – of the stated maximum amount. It also hasn't disclosed pricing details or participation levels yet.