Barclays is preparing to sell contingent-convertible notes, after the Bank of England told banks that they need to raise a total of £25 billion. "Barclays is reasonably well capitalised compared to its UK and European competitors," said Paul Smillie, an analyst at Threadneedle Asset Management. "If this issuance helps to open up a market for contingent-capital instruments from the British banks, then it will make it easier for them to issue more in the future."

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