Barclays Bank has filed a $500 million shelf registration for convertible capital notes with the SEC.
The notes will be issued as perpetual fixed-rate debt and will count as Tier 2 capital. They can be converted to perpetual noncumulative preferred stock, which counts as Tier I capital, at any time the bank chooses, Brian Worsley, deputy group treasurer, said.
Barclays will issue the notes in order to better match the mix of British sterling and U.S. dollar assets on its balance sheet, said Mr. Worsley.
He said the bank, with an 8.9% ratio of total capital to risk adjusted assets at the end of June, had no immediate need to raise capital and did not plan to issue the notes until next year.