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Barclays Bank PLC's Issue of Callable Perpetual Core Tier One Notes Rated 'A+' Jun 02
Standard & Poors, June 2002
Abstract
LONDON (Standard & Poor's) June 14, 2002--Standard & Poor's said today it assigned its single-'A'-plus rating to the issue of -400 million, 6% callable perpetual core Tier One Notes (TONs) by Barclays Bank PLC (AA/Stable/A-1+). 'The TONs are perpetual bonds and direct obligations of Barclays Bank. The terms and conditions of the TONs are similar to those of the Reserve Capital Instruments (RCIs; rated 'A+') previously issued by Barclays Bank, but there are important differences,' said Peter Dutton, a director at Standard & Poor's Financial Services Group in London. In particular, the TONs do not feature a general deferral clause, which would enable the issuer to defer all payments for any period of time. Another difference is that deferred TON...
Companies mentioned in this report are: Barclays Bank PLC
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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