Barclays launches USD3bn CoCo at 7.625%

Wed Nov 14, 2012 11:20am EST

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LONDON, Nov 14 (IFR) - Barclays Bank has launched a USD3bn 10-year Tier 2 contingent capital issue which will be priced later on Wednesday.

Lead managers Barclays, Citigroup, Credit Suisse, Deutsche Bank, Morgan Stanley have refined guidance to 7.625%, at the tight end of revised official guidance of 7.75% area and an initial range of mid to high 7%.

At the last update, order books had reached USD14bn. The transaction is expected to be rated BBB- by S&P and Fitch.

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