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Barclays raised $1.75bn via a PerpNC6 AT1 bond at a yield of 9.623%, 37.7bp inside initial guidance of 10% area. The bonds have expected ratings of Ba1/BB-/BBB- and received orders of ~$22bn, about 12.5x issue size. If uncalled between its first call date in December 2029 until its reset date in June 2030, the coupon will reset on June 2030 and every 5 years thereafter to the USD SOFR 5Y Swaps plus a spread of 577.5bp. Proceeds will be used for general corporate purposes and to further strengthen the issuer’s capital base. The table above compares Barclay’s new AT1s with other similarly rated and comparable dollar AT1s, sorted by their yield-to-call.