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Barclays threw down the gauntlet to its UK peers on Wednesday, marketing a new contingent capital trade that it hoped to execute before investors disappeared for the Easter holiday — and after the Bank of England identified a £25bn capital hole at the country’s banks, writes Will Caiger-Smith.
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Contingent capital issuance is expected to be a top priority for UK lenders this year, as they seek to raise around £25bn of capital to cover unexpected losses on high risk loan portfolios, fines for misconduct and a new approach to risk weighting.
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Dutch Insurer Achmea BV launched a subordinated deal on Tuesday, the first from a Dutch issuer after the nationalisation of SNS Reaal wiped out that borrower’s subordinated bondholders. But Achmea had no problems convincing investors to participate in its €500m no-grow transaction, which attracted over €3bn of orders.
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Barclays has given up on the ambitious pre-Easter timetable for its new high-trigger Coco issue, opting to wait until after the long weekend to execute the deal.
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Proposed changes to Standard & Poor’s bank hybrid criteria would remove a key benefit from deals issued in 2012 by Société Générale and Danske Bank which were specifically structured to give the issuers risk adjusted capital (RAC) credit with the ratings agency.
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Barclays began marketing a new contingent capital trade on Wednesday, which it hopes to execute before investors head home for the Easter break. The long-awaited deal was launched alongside a tender offer targeting two US dollar tier two bonds, which is expected to contribute to demand for the new trade.