Barclays chops £2.3bn off AT1 target with exchange

By Graham Bippart
19 Jun 2014

Barclays is set to issue £2.27bn equivalent of CRD IV-compliant additional tier one securities after completing its offer to exchange old-style tier one bonds on Friday, bringing the bank’s total outstanding volume of new-style AT1 to more than half its £7bn target.

The new bonds, issued in dollars, euros and sterling, are structured with a perpetual maturity non-callable until September 2019, and will convert to equity if the group’s common equity tier one ratio falls below 7%. Barclays had already issued $2bn of AT1 in November ...

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