Barclays to issue $3.8 bln more CoCo bonds after swap offer

LONDON, June 13 Fri Jun 13, 2014 10:59am EDT

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LONDON, June 13 (Reuters) - British bank Barclays Plc is to issue about $3.8 billion of new bonds that can convert into shares if the bank hits trouble, after an offer to debt investors to exchange old bonds had much higher than expected take-up.

It is the latest move by Barclays to adjust its capital structure to improve its balance sheet strength to meet new regulations.

Barclays offered to swap old debt instruments for new additional Tier 1 (AT1) securities in three currencies. It issued the results on Friday and said it will issue $1.211 billion of new dollar-denominated AT1 bonds, 697.6 million pounds ($1.17 billion) of sterling instruments, and 1.076 billion euros ($1.46 billion) of euro-denominate AT1 bonds.

($1 = 0.5956 British Pounds) ($1 = 0.7345 Euros) (Reporting by Steve Slater; Editing by Chris Vellacott)

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