Barclays joins tier two club
Barclays Bank is joining the small group of issuers that have issued tier two deals so far this year and is set to price a new benchmark later on Wednesday. The issuer is looking to raise a new 11 year bullet tier two deal in an old style structure that does not include Basel III non-viability language.
As it is structured with no step-up or call, it will be included in the basket of securities grandfathered after January 2013, in accordance with Basel III rules.
“I am not surprised to see them do something like that,” said a FIG syndicate banker away from the self-led ...Please take a trial or subscribe to access this content.
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