2013年的一年：巴克莱的萎缩资本筹集

巴克莱没有时间旁边。去年7月10日，银行欧洲，中东和非洲和亚太地区的欧洲股权资本市场主席吉姆·伦威克举行了董事会的惊喜。U.K.审慎的监管机构希望巴克莱在2014年6月至6％至3％，比预期的一年从2.2％到至少为3％;计划宣布宣布将于7月31日改变，银行的前半届业绩将被释放。

Barclays turned to its own bankers for a £5.8 billion ($9.1 billion) rights issue and a $2 billion hybrid debt offering. Among the key players in the rights issue — the biggest capital raising by a U.K. bank since HSBC Holdings drummed up £12.5 billion four years earlier — was Renwick, an Australian who joined the firm in 2009 from UBS, where he was a vice chairman of investment banking. After the PRA caught it flat-footed, Barclays turned crisis into opportunity by getting its issue out the door before an expected flood of similar regional offerings in anticipation of 2014 stress tests as the European Central Bank takes over banking supervision.

2013 Deals of the Year Jim Renwick＆Team Barclays Antonio Weiss & Team 拉扎尔 Christian Lesueur & Team UBS James ("Jimmy") Lee Jr. & Team JPMorgan Chase & Co. Marco Gonçalves & Team BTG PACTUAL. Marisa Drew & Team 信用瑞士集团 Geoffrey Austin＆Team Moelis & Co. 安东尼·诺托&团队 Goldman Sachs Group Adam Taetle & Team Barclays Kenneth Hirsch & Team Goldman Sachs Group

Renwick and a group of fellow Barclays senior executives led by then–finance director Christopher Lucas and treasurer Benoit de Vitry met quickly with joint corporate brokers Credit Suisse Group and Deutsche Bank. They agreed to guarantee the underwriting and announce the rights issue on July 30, the same day that Barclays would reveal a £12.8 billion hole in its balance sheet. The prospectus contained many legal disclosures. Among them: a warning that July and August earnings for Barclays’s investment bank would be “significantly below” those from the same period in 2012. To avoid having to call off the deal if the other banks balked at such risks, Renwick and company secured their agreement not to pull out.

Barclays said it would pay fees totaling 1.62 percent of the issue’s value, well below the 2.75 percent that HSBC had forked over for its 2009 rights offering but still a whopping $158 million. To soften up its brokers and spread risk, Barclays also signed up Bank of America and Citigroup as underwriters, knowing they would accept a low fee for the chance to work on the deal.

7月30日之后的公告后，巴克莱提出了九个额外银行，以防止任何承销商在失败的问题中持有超过3％的权益。并于9月16日发表招股说明书，它通过将其经纪人提供沉闷的临危，最终涉及大约30个银行和40名股东和制度投资者在发售中提供风险。亚博赞助欧冠

Priced at 185 pence a share, a 35 percent discount to Barclays’s stock price before the announcement, the rights issue closed on October 4 and raised the equivalent of 15 percent of the bank’s £43.7 billion market capitalization. Existing Barclays shareholders snapped up almost 95 percent; book runners sold the rest for £463 million, at 268 pence a share.

On November 13 a Barclays team led by London-based managing director Steven Penketh priced $2 billion worth of perpetual subordinated contingent convertible bonds. The so-called coco bonds can convert to equity if the bank’s tier-1 capital ratio drops below 7 percent of risk-weighted assets. Barclays was one of the first global banks to issue tier-1 cocos to meet Basel III leverage rules and get in front of the new stress tests. After attracting $10 billion in investor demand, Barclays priced the debt offering at 8.25 percent.

Rank	交易	Estimated 费用 （$百万美元）*
1	U.K. bankBarclaysfollows a £5.8 billion ($9.1 billion) rights issue with a $2 billion hybrid bond offering.	$1832
2	Warren Buffett’sBerkshire Hathaway和Brazilian investment firm3G Capitalpay $27.4 billion to take ketchup makerH.J. Heinz Co.私人的。	$97–107
3	U.S. Telecom.Verizon Communications.同意向英国承运人的45％股权提供1300亿美元的沃达丰Verizon Wireless.	$93–103
4	创始人迈克尔戴尔和Silver Lake Partnersprivatize U.S. computer maker戴尔for $24.9 billion.1	$ 82-92
5	巴西电话公司oi.和Portugal Telecom在前名的名字下同意157亿美元的捆绑。	$70–90
6	Cable giantLiberty Global买了U.K.的Virgin Media255亿美元。	$882
7	广告公司omn​​yom集团和Publicis Groupe.同意350亿美元的Franco-American Merger的平等。	50-70美元
8	社交媒体公司推特launches a $2.1 billion initial public offering on the New York Stock Exchange.	68美元2
9	China’s双汇国际控股closes a $7 billion buyout of U.S. pork producerSmithfield Foods.	$ 51-61
10	iPhone制造商苹果issues $17 billion worth of bonds.	53美元2
*估计unless otherwise noted. M&A totals only include advisory fees; 债务和股权总额仅包括承保费。 1戴尔提供的交易价值。 2 Publicly disclosed.
Source: Thomson Reuters/Freeman Consulting Services.