Barclays tries sterling AT1 ahead of September calls

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By David Freitas
06 Jun 2019

Barclays Capital was looking to issue an additional tier one bond denominated in sterling on Thursday. The deal came after Banque Fédérative du Crédit Mutuel issued a tier two instrument on Wednesday. Both took advantage of an upswing in market conditions for subordinated debt.

The British bank set out initial price thoughts of 7.625% area for the perpetual non-call six year trade. Guidance was in the 7.125%-7.375% range.

Barclays acted as sole bookrunner. Fair value was seen at about 6.875%.

The offering of AT1 instruments has been scarce recently, with LeasePlan the only ...

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