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Barclays markets U.S. dollar Additional Tier 1 at low 8% yield

Reuters - UK Focus

HONG KONG, Aug 24 (IFR) - Barclays Plc (LSE: BARC.L - news) is marketing a US dollar perpetual non-call 5.5-year Additional Tier 1 offering at initial price thoughts in the low 8% yield area.

The transaction has received initial interest of about $4 billion from investors at the Asia open, according to a source on the deal.

Barclays is rated Baa3/BBB/A (Moody's/S&P/Fitch). The Reg S notes are expected to be rated Ba2/B+/BB+.

The bonds will convert into equity if the bank's Common Equity Tier 1 ratio falls below 7%.

Barclays is sole bookrunner on the transaction. Joint lead managers are Danske Bank (LSE: 0NVC.L - news) , Deutsche Bank (LSE: 0H7D.L - news) , ING, Morgan Stanley (Xetra: 885836 - news) , Santander Global Banking & Markets, Scotiabank, SMBC Nikko, Societe Generale (Swiss: 519928.SW - news) , UBS (LSE: 0QNR.L - news) and Wells Fargo Securities. (Reporting by Frances Yoon; Editing by Vincent Baby)