Barclays banishes Coco curse with debut AT1

Barclays managed to stop a run of bad luck in the secondary performance of its contingent capital issues this week, seeing its debut additional tier one deal — the first of its type from a UK borrower — trade up more than two points immediately after pricing. But market participants said the issuer paid up handsomely to ensure that performance, bringing the deal around 25bp wider than investors expected. Will Caiger-Smith reports.