Books reach EUR7bn on Barclays' inaugural euro AT1

Tue Dec 3, 2013 4:30am EST

LONDON, Dec 3 (IFR) - The first euro denominated Additional Tier 1 issue for Barclays Plc has attracted around EUR7bn of investor demand, according to a lead manager.

The UK lender will price the EUR1bn perpetual non-call seven-year trade later today, and has revised guidance to 8%-8.125% from low to mid 8%. The coupon will therefore be lower than the 8.25% the bank paid for a US$2bn Additional Tier 1 priced in November.

Barclays is sole bookrunner. Bank of America Merrill Lynch, BNP Paribas, Commerzbank, CACIB, Credit Suisse and Morgan Stanley are leading the transaction which is expected to be rated B+/BB+ by S&P and Fitch.

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