Pricing AgreementPricing Agreement • April 10th, 2013 • Barclays Bank PLC /Eng/ • Commercial banks, nec
Contingent Capital Notes - Executive Summary Following our inaugural Contingent Capital Notes (CCNs) transaction in November, we are pleased to invite indications of interest for a similar transaction • The development of a stable and viable contingent capital market represents an important step in transitioning European bank capital structures to meet CRD IV requirements with maximum efficiency, from both a cost and diversification perspective • Our primary considerations in issuing a second CCN transaction at this time include: - Additional build out of the contingent capital market - Desire to proactively transition to our CRD IV “target” capital structure - 100% “loss absorbing capital” benefit from UK regulatory authorities - Incremental upgrade of Tier 2 (T2) capital to loss absorbing capital. • These CCNs will be a T2 security that includes a write-off feature should the Group’s published Core Tier 1 (CT1) / Common Equity Tier 1 (CET1) ratio, as appropriate, fall below 7% (Trigg
