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(UPDATES with pricing guidance)
By Will Caiger-Smith
NEW YORK, Aug 3 (IFR) - Barclays is back in the US dollarbond market with its first deal since May, as it looks to meetcapital requirements with both senior and subordinated debt.
The UK bank set guidance for a five-year senior holdco dealat T+215bp or tighter than T+220bp-225bp initial price thoughts.
Guidance for a tap of outstanding 5.2% May 2026 subordinatedbonds was tightened to T+330bp vs IPTs of 340bp. Barclays isalso offering five-year floaters.
The self-led deal will count towards the bank's Total LossAbsorbing Capacity (TLAC) requirement - new rules introducedlast year that take effect from 2019.
At IPTs, Barclays looked to be offering a new issueconcession of about 25bp on the holdco bonds, based on its 3.25%January 2021 holdco bonds trading at G+193bp on Wednesday.
The concession looked slightly higher at around 30bp on thetap, based on the T+310bp trading level on the outstanding2026s.
Those subordinated bonds were issued in May - the bank'slast foray into the US dollar market.
Barclays has to raise GBP33bn (US$43.9bn) of loss-absorbingdebt by 2022, or GBP6bn (US$7.9bn) per year, according to itslatest fixed-income investor presentation.
One option for banks looking to meet TLAC needs is to sellholdco debt which can absorb losses when they fail.
Barclays is therefore also retiring old debt that does notcount towards its capital needs and has launched a tender foroperating company debt in euros, sterling and US dollars.
"Non-TLAC debt has only funding value but [Barclays has]liquidity to be able to sweep it up," said a person close to thetransactions.
"It makes sense to do this together with a new issue," the person said, noting that the transactions werenevertheless being run separately.
Swiss bank UBS was also in the market Wednesday with a5.5-year 144a/Reg S fixed and floating senior holdco deal.
Guidance on the fixed rate tranche was pulled in to 160bpversus IPTs of 165bp area.
This deal is quick on the heels of a US$1bn Additional Tier1 issue from UBS that priced earlier on Wednesday at par toyield 7.125%. (Reporting by Will Caiger-Smith; Editing by Natalie Harrisonand Marc Carnegie)
