Barclays' contingent capital bond finds strong support

By Helene Durand

Wed Nov 14, 2012 3:37am EST

LONDON, Nov 14 (IFR) - Investor demand for Barclays Bank's inaugural contingent capital issue has reached over US$6bn according to the lead managers.

Barclays, Citi, Credit Suisse, Deutsche Bank and Morgan Stanley opened order books in the US on Tuesday, with price talk of mid to high 7% for the 10-year Tier 2 bond which is expected to be rated BBB-/BBB-.

Under the terms of the deal, the notes will be automatically written down to zero if the bank's Common Equity Tier 1 ratio falls below 7% (post CRD4).

According to a bookrunner, demand out of Asia was in excess of US$3bn. The deal is expected to have a benchmark size.

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