Barclays builds out tier two stack with rare euro trip

By Tyler Davies
15 Mar 2021

Barclays gave euro investors a rare chance to buy UK bank capital on Monday, as the issuer selected the currency for its second tier two of the year. Its €1bn transaction was four times subscribed at final terms.

The UK issuer (Baa2/BBB/A) opened books for its 10 year non-call five transaction on a busy day in the euro market, with its eye on a benchmark size.

It began with pricing in the 185bp area over mid-swaps, which was said to have been about 25bp-30bp wider than ...

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