Barclays 2003 Annual Report Download - page 148

Notes to the Accounts
For the Year Ended 31st December 2003
33 Undated loan capital
Undated loan capital, issued by the Bank for the development and expansion of the Group’s business and to strengthen its capital base comprised:
2003 2002
Notes £m £m
Non-convertible
The Bank
6% Callable Perpetual Core Tier One Notes (a, n) 400 400
6.86% Callable Perpetual Core Tier One Notes ($1,000m) (a, n) 560 619
8.55% Step-up Callable Perpetual Reserve Capital Instruments ($1,250m) (b, o) 694 767
7.375% Step-up Callable Perpetual Reserve Capital Instruments ($750m) (b, p) 415 459
7.50% Step-up Callable Perpetual Reserve Capital Instruments (s850m) (c, q) 596 545
Junior Undated Floating Rate Notes ($121m) (d, r) 68 75
Undated Floating Rate Primary Capital Notes Series 1 ($358m) (d, s) 201 222
Undated Floating Rate Primary Capital Notes Series 2 ($442m) (d, s) 248 274
Undated Floating Rate Primary Capital Notes Series 3 (d, s) 145 145
9.875% Undated Subordinated Notes (e, t) 300 300
9.25% Perpetual Subordinated Bonds (ex-Woolwich plc) (f, u) 181 183
9% Permanent Interest Bearing Capital Bonds (g, v) 100 100
7.875% Undated Subordinated Notes –100
7.125% Undated Subordinated Notes (h, w) 525 525
6.875% Undated Subordinated Notes (i, x) 650 650
6.375% Undated Subordinated Notes (j, y) 465 400
6.125% Undated Subordinated Notes (k, z) 550 400
6.5% Undated Subordinated Notes (FFr1,000m) (l, aa) 107 99
5.03% Reverse Dual Currency Undated Subordinated Loan (Yen 8,000m) (m, ab) 42 42
5% Reverse Dual Currency Undated Subordinated Loan (Yen 12,000m)(m, ab) 63 63
6,310 6,368
Convertible
The Bank
8% Convertible Capital Notes Series E (2002: $500m) –310
Total undated loan capital 6,310 6,678
Security and subordination
None of the undated loan capital of the Bank is secured.
The Junior Undated Floating Rate Notes (the ‘Junior Notes’) rank behind the claims against the Bank of depositors and other unsecured
unsubordinated creditors and holders of dated loan capital.
All other issues of the Bank’s undated loan capital rank pari passu with each other and behind the claims of the holders of Junior Notes, except for
the 6% and 6.86% Callable Perpetual Core Tier One Notes (the ‘TONs’) and the 8.55%, 7.375% and 7.5% Step-up Callable Perpetual Reserve Capital
Instruments (the ‘RCIs’) (such issues, excluding the TONs and the RCIs, being the ‘Undated Notes and Loans’).
The TONs and the RCIs rank pari passu with each other and behind the claims of the holders of the Undated Notes and Loans.
In accordance with the Barclays Group Reorganisation Act 2002, the 9.25% Perpetual Subordinated Bonds of Woolwich plc were transferred to the
Bank by operation of law on 1st December 2003 and accordingly the Bank has become the obligor for this issue from that date.
Interest
Notes
(a) These TONs bear a fixed rate of interest until 2032. After that date, in the event that the TONs are not redeemed, the TONs will bear interest at
rates fixed periodically in advance, based on London interbank rates.
(b) These RCIs bear a fixed rate of interest until 2011. After that date, in the event that the RCIs are not redeemed, the RCIs will bear interest at rates
fixed periodically in advance, based on London interbank rates.
(c) These RCIs bear a fixed rate of interest until 2010. After that date, in the event that the RCIs are not redeemed, the RCIs will bear interest at rates
fixed periodically in advance, based on European interbank rates.
(d) These Notes bear interest at rates fixed periodically in advance, based on London interbank rates.
(e) These Notes bear a fixed rate of interest until 2008. After that date, in the event that the Notes are not redeemed, the coupon will be reset to
a fixed margin over a reference gilt rate for a further period of five years.
(f) These Notes bear a fixed rate of interest until 2021. After that date, in the event that the Notes are not redeemed, the coupon will be reset to
a fixed margin over a reference gilt rate for a further period of five years.
(g) The interest rate on these Notes is fixed for the life of this issue.
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