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Awards

Deals of the Year 2012: Barclays CoCo

Barclays
Size $3 billion of 10-year contingent capital notes
Date November 2012
Global coordinating bookrunner and structuring adviser Barclays
Bookrunners Citi, Credit Suisse, Deutsche Bank and Morgan Stanley
return to the Global Deals of the Year index

Science fiction has no place in the real world of bank capital, but when one bank goes boldly beyond where any other bank has gone before with a CoCo under CRD IV, there is perhaps something of a whiff of the future about it.

For Barclays, the bank that boldly broke new ground for the banking sector, the remarkable success of its $3 billion contingent capital notes (CoCo) sale in November last year was very real indeed.

At a stroke, the UK bank met its December 2013 primary loss-absorbing capital target – as is required under the Capital Requirements Directive IV (CRD IV) which transposes Basle III into EU law – in an instrument that has all the loss absorbency of equity while still counting as debt for investor purposes.

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