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.
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.