Barclays 2007 Annual Report Download - page 202

200 Barclays PLC Annual Report 2007
27 Subordinated liabilities
Subordinated liabilities comprise dated and undated loan capital as follows:
2007 2006
£m £m
Undated loan capital (a) 6,631 5,422
Dated loan capital (b) 11,519 8,364
18,150 13,786
(a) Undated loan capital
2007 2006
Notes £m £m
Non-convertible
The Bank
6% Callable Perpetual Core Tier One Notes a,p 392 404
6.86% Callable Perpetual Core Tier One Notes (US$1,000m) a,p 624 571
5.3304% Step-up Callable Perpetual Reserve Capital Instruments b,q 520 501
5.926% Step-up Callable Perpetual Reserve Capital Instruments (US$1,350m) c,r 708 690
6.3688% Step-up Callable Perpetual Reserve Capital Instruments n,ad 526 –
7.434% Step-up Callable Perpetual Reserve Capital Instruments (US$1,250m) o,ae 660 –
Junior Undated Floating Rate Notes (US$121m) d,s 61 62
Undated Floating Rate Primary Capital Notes Series 3 d,t 147 146
9.875% Undated Subordinated Notes e,u 319 319
9.25% Perpetual Subordinated Bonds (ex-Woolwich plc) f,v 171 178
9% Permanent Interest Bearing Capital Bonds g,w 102 102
7.125% Undated Subordinated Notes h,x 535 550
6.875% Undated Subordinated Notes i,y 657 656
6.375% Undated Subordinated Notes j,z 482 481
6.125% Undated Subordinated Notes k,aa 560 571
6.5% Undated Subordinated Notes (FFr 1,000m) l,ab 115 105
5.03% Reverse Dual Currency Undated Subordinated Loan (Yen 8,000m) m,ac 21 34
5% Reverse Dual Currency Undated Subordinated Loan (Yen 12,000m) m,ac 31 52
Undated loan capital – non-convertible 6,631 5,422
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 the Junior Notes, except for the
6% and 6.86% Callable Perpetual Core Tier One Notes (the ‘TONs’) and the 5.3304%, 5.926%, 6.3688% and 7.434% 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.
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 2036. 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 2016. 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.
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 Bonds bear a fixed rate of interest until 2021. After that date, in the event that the Bonds 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 Bonds is fixed for the life of this issue.
h These Notes bear a fixed rate of interest until 2020. 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.
i These Notes bear a fixed rate of interest until 2015. 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.
Notes to the accounts
For the year ended 31st December 2007