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Barclays PLC (BCS) Replies |
HenryTo
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rffrydr
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 Posted: Sat Jun 06, 2009 1:03 am Post subject: |
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rffrydr
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| Posted: Mon Feb 23, 2009 11:43 am Post subject: |
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Barclays is issuing fixed rate government guarantee sterling notes maturing 12/2011. mid swap plus 35 to 40 bps.
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rffrydr
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| Posted: Mon Feb 09, 2009 9:17 am Post subject: |
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....And don't forget the biggest surprise of all--it's still "free." LEH made this turn possible; the other side of the cycle at last.
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HenryTo
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| Posted: Mon Feb 09, 2009 2:50 am Post subject: |
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Barclays surprises on the upside:
http://www.bloomberg.com/apps/news?pid=20601087&sid=anRfJBVh6vNY&refer=home
| Quote: | Feb. 9 (Bloomberg) -- Barclays Plc, the third-biggest U.K. bank by assets, said earnings rose more than analysts estimated in the second half, helped by the purchase of Lehman Brothers Holdings Inc. assets and the sale of an insurance unit.
Net income increased 49 percent to 2.66 billion pounds ($3.9 billion), or 31.3 pence a share, from 1.78 billion pounds, or 26.6 pence, in 2007, according to Bloomberg calculations based on full-year results posted today by the London-based company. That beat the mean estimate of 2.05 billion pounds from 12 analysts surveyed. Writedowns this year will be less than the 8.1 billion pounds in 2008, the company said.
Barclays reported results more than a week ahead of schedule as Chief Executive Officer John Varley tried to head off speculation about credit-market losses that clipped 32 percent off the company’s stock price this year. He published a letter on Jan. 26 saying Barclays has enough capital to absorb the writedowns. That failed to stop comparisons with Royal Bank of Scotland Group Plc, the biggest U.K. bank taken over by the government because of toxic investments. |
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rffrydr
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| Posted: Fri Feb 06, 2009 10:23 am Post subject: |
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Passing it on to the consumer...ever so gently:
| Quote: | Barclaycard, the credit card issuing arm of the U.K. banking company Barclays PLC, said Wednesday that it would freeze all U.K. customers' interest rates for four months and reduce rates on some new accounts.
Barclays said it would cut its interest rates by 250 to 500 basis points for at least 3 million of its 12 million U.K. cardholders.
The annual percentage rate for new customers who receive its platinum or OnePulse Visa cards will be cut to 12.4%, from 14.9%, the company said.
The issuer also said it has set up a help line for customers worrying about card debt and will contact "customers who are showing potential signs of financial difficulty before they miss payments to offer support and advice … as soon as possible."
Recession is deepening in the United Kingdom and the government has pressured issuers to reduce card debt and interest rates. At a 2008 meeting organized by the U.K. Department for Business Enterprise and Regulatory Reform, issuers promised to give cardholders in financial trouble more time to pay debts and to offer more transparency on rate increases.
Though Barclaycard said that meeting had only an indirect influence on its decision to reduce its rates, the cuts go beyond the promises that resulted from the gathering. |
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rffrydr
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| Posted: Wed Jan 28, 2009 9:26 am Post subject: |
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That BARC letter has the makings of a turning point. Keep an eye on sterling and hope.
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Last edited by rffrydr on Mon Feb 09, 2009 9:15 am; edited 1 time in total |
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rffrydr
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HenryTo
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HenryTo
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| Posted: Wed Jan 21, 2009 4:25 am Post subject: |
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Barclay's now being urged to report audited results as quickly as possible, after the stock declines by another 20% in morning trading in the UK:
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Barclays Under Pressure To Report Results Early - Report 2:08 AM ET 1/21/09
DOW JONES NEWSWIRES
U.K. bank Barclays PLC (BCS) is under intense pressure from shareholders to bring forward its full-year results after a profit forecast last week failed to prevent further big falls in the bank's share price, The Independent newspaper reports on its Web site Wednesday, without citing sources.
On Friday, Barclays was forced to issue a statement saying its full-year profits would be "well ahead" of analyst forecasts of GBP5.3 billion after its shares lost a quarter of their value in the final hour of trading.
The report says investors are understood to have contacted the bank and urged it to announce audited results, due Feb. 17, as soon as possible to ease fears about credit market write-downs at the Barclays Capital investment bank. |
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HenryTo
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| Posted: Wed Nov 12, 2008 12:55 am Post subject: |
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Good catch, guys. Barclays now facing a potential shareholder revolt over the terms of the deal:
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Barclays faces shareholder revolt over capital raising
Tue Nov 11, 2008 8:17pm EST
LONDON (Reuters) - Some of Barclays' (BARC.L: Quote, Profile, Research, Stock Buzz) biggest shareholders have threatened to vote against its planned 7 billion pound ($10.8 billion) capital raising unless it improves the terms of the deal, newspapers reported on Wednesday. The Financial Times and the Telegraph newspapers said Legal & General Investment Management and Aviva Investors had raised the prospect of voting against the plan at Barclays' (BARC.L: Quote, Profile, Research, Stock Buzz) shareholder meeting on Nov 24.
Most big British banks were told to increase their capital by the Financial Services Authority last month. Rather than take UK government rescue funds, Barclays opted to raise funds privately and struck a deal with investors in Abu Dhabi and Qatar.
Barclays' go-it-alone approach won it plaudits at the time, but questions have since been raised over the price it is paying to secure the funds and the extent to which existing shareholdings will be diluted.
If the capital raising plan goes ahead in its current form almost a third of the bank will be owned by Middle East investors.
The Financial Times reported that Barclays was willing to explore amending the terms of the deal. However, if a compromise cannot be reached, and shareholders carry out their threat, it would be a big blow to Barclays' management team, led by John Varley.
The dispute may come to a head on Friday, when members of the Association of British Insurers, which represents a fifth of all UK investors, meet senior Barclays executives, including Marcus Agius, the bank's chairman, the FT said. |
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HenryTo
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| Posted: Sun Nov 02, 2008 11:33 am Post subject: |
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The Times on the Barclays' dilution:
http://business.timesonline.co.uk/tol/business/columnists/article5063474.ece
| Quote: | There is lots of anger about Barclays’ highly dilutive £7.3 billion fundraising, which was announced on Friday. No-one likes surprises, particularly in the City, and Barclays dished it out in spades. Middle Eastern investors, who are stumping up £5.8 billion, will ultimately end up controlling 31% of the group.
Bear with me through this detail, because it needs to be explained. The bank is raising the cash through the issue of reserve capital instruments and mandatory convertible notes that can be converted into equity at a 23% discount to Barclays’ recent share prices. These instruments produce a coupon of 14% and 9.75%. UK investors baulked at the terms and that is what drove down the Barclays share price by 13% on Friday.
Barclays’ existing investors have every right to be annoyed. The opportunity for a life fund such as Scottish Widows to lock itself into a 14% coupon is mouth-wateringly attractive. Because of the need to raise capital swiftly and ahead of the fundraisings by Royal Bank of Scotland, HBOS and Lloyds TSB, John Varley, Barclays’ chief executive, has also ignored the pre-emption rights of investors — and that was never going to make him popular.
Despite the anger, I’d be surprised if the investors reject the deal on November 24 and here is why. They can’t afford to, as the uncertainty would kill the bank. That is why Varley eschewed a rights issue. He saw what happened at RBS and HBOS, where the share prices cratered. |
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nodoodahs
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| Posted: Fri Oct 31, 2008 10:12 am Post subject: |
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The deal is good for SOME shareholders - namely, the executives whose bonuses won't be limited by a deal that takes the "government" money!
MUHUHAHAHAHA!
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rffrydr
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| Posted: Fri Oct 31, 2008 7:31 am Post subject: |
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This deal is TERRIBLE for shareholders and bad for the market in general. Dilution of up to 50% vs. just taking the gov money. Don't expect it to pass vote. Makes rights offering look good. Maybe they'll back out on the "sharia" loophole. That Barclays was a bidder last month is only going to raise fears in what other banks are playing this bluff.
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HenryTo
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| Posted: Thu Oct 30, 2008 11:19 pm Post subject: |
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Barclays close to raising US$9.8 billion from private investors in Qatar and Abu Dhabi. This may act as a signal for other private investors to snap up investments in the Western banking sector - investing alongside with the government (a la Bill Gross):
http://online.wsj.com/article/SB122541741109586847.html?mod=testMod
| Quote: | Barclays needs to raise funds to meet new U.K. government capital benchmarks for its banks as part of the government's £400 billion bailout plan laid out earlier this month. Barclays Chief Executive John Varley had until March to raise all the money, and the early move to secure funds is likely to refute skepticism that the bank might have trouble in choppy markets.
While some of the U.K.'s biggest banks have turned to the government for funding, Barclays sought to avoid selling shares to the U.K. government, a move that would carry conditions such as a limit on dividend payments to shareholders and would give the government a say in some board seats. Barclays also talked with two Russian banks but nothing has come from it.
Barclays's capital plans could result in other investors providing capital. Barclays also plans Friday to announce its interim financial update. It had been scheduled to report next month. The report is aimed at calming investor concern about the impact of the market turbulence in recent weeks. |
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