Barclays tests investor interest for US dollar additional Tier 1 Bond at low 8%s - lead
LONDON, Nov 12 (IFR) - Barclays is testing investor interest for its USD-denominated Additional Tier 1 issue at initial price thoughts of low 8%s, with pricing targeted for tomorrow.
The deal is a perpetual callable at par in December 2018 and every five year anniversary thereafter, offered in benchmark size and SEC-registered format.
It will be converted to equity if the capital ratio of Barclays falls below 7% fully loaded common equity tier 1 ratio on a quarterly basis.
Barclays is bookrunner, with Citigroup, Deutsche Bank, Goldman Sachs, SMBC, UBS, Wells Fargo as joint leads no books.