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Barclays’s $3 Billion of Bonds Tumble in First Day of Trading

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Nov. 15 (Bloomberg) -- Barclays Plc’s $3 billion of notes that can be written off in a crisis tumbled in their first day of trading, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The 7.625 percent subordinated 10-year notes sold yesterday by the U.K.’s second-largest lender dropped 1.75 cents to 98.75 cents on the dollar to yield 7.81 percent as of 2:21 p.m. in New York, Trace data show. Bonds of Barclays are the most actively traded dollar-denominated corporate securities today, with 221 trades of $1 million or more.

Investors in the contingent capital notes will lose all their money if Barclays incurs losses that reduce its so-called core Tier 1 equity to 7 percent or lower, said two people with knowledge of the sale who asked not to be identified because they’re not authorized to speak about the deal.

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To contact the reporter on this story: Charles Mead in New York at cmead11@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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