Barclays Coco trades up as buyback cap reduced and new bonds targeted
Barclays’ new $1bn contingent capital bond traded up in the secondary market on Thursday, having been priced on Wednesday afternoon in the US, following a heavily criticised execution process. The borrower also reduced the cap on its US dollar buyback — an operation linked to the new deal — by $150m after getting reverse enquiry for a buyback on three other outstanding bonds.
The issuer will now buy back a maximum of $850m over two bonds a 6.05% subordinated deal due in 2017 and a 5.140% lower tier two bond due in 2020 as part of the original liability management exercise. It had initially intended to buy back $1bn.
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