Barclays cracks tier one puzzle with rich perpetual

Barclays Bank rewrote the bank capital rule book this week by selling Eu1bn of perpetual tier one capital to institutional investors without an incentive for it to call the deal.

  • 26 Nov 2004

As the deal does not have a step-up coupon or other incentive for Barclays to call the paper, the UK's Financial Services Authority will allow it to count as ?core' tier one capital ? the most equity-like category of capital.

Bookrunner Barclays Capital gathered a ...

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