Barclays joins tier two club

23 Mar 2011

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 ...

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