Barclays mulls 4bn sale

Barclays is considering the sale of a portfolio of credit assets worth &pound;4bn as it continues to clean up its balance sheet in an attempt to further reassure investors.<br /><br />A sale would follow last month&rsquo;s deal in which the bank effectively ring-fenced $12.3bn (&pound;7.8bn) in risky credit market assets by packaging them into a fund, codenamed Protium, and selling them to a new vehicle called C12, which is backed by outside investors and a $12.6bn loan from Barclays.<br /><br />Barclays, led by chief executive John Varley, is considering either replicating the Protium deal with the &pound;4bn of assets &ndash; made up of collateralised loan obligations (CLOs) &ndash; or selling to a third-party buyer.<br /><br />Barclays shares are up 140 per cent since January, but the bank is concerned that investor fears over its toxic assets are preventing a return to pre-crisis prices.<br />