3 per cent of its capital compared with 12

Barclays had warned that it happen in public money to strengthen its own funds. She demonstrated Friday, announcing a 7.3 billion fundraising, which promises to get investors from the Gulf to about 32 of its capital. By injecting 3.5 billion books alone, cheick Mansour bin Zayed al Nahyan, Member of the ruling family of Abu Dhabi, is set to become the first shareholder of the third British Bank, with 16.3 per cent of its capital, compared with 12.7 for Qatar Investment Authority (QIA), which provides 2 billion. Challenger, the Qatar holding, complete the intervention of petrodollars, with 300 million pounds of new capital for its share to 2.8. Two Qatari investors had already participated in previous fundraising from Barclays, but cheick Mansour owner of football club Manchester City a coming into force in the round table.

The operation sparked a large controversy, last weekend, Barclays revel being accused to pay excessive prices these new capital through a highly dilutive montage. All, denounce some analysts, rather than bend to the bonuses and dividends discipline imposed by the Government to the banks having been used by the taxpayer. One of the instruments of capital issued by the Bank of Canary Wharf, supported by QIA and Sheikh Mansour, is, indeed, with a coupon of 14 per cent, to June 2019. Although more expensive than the 12 requested by the British State, and over a much longer period. Not to mention the 300 million pounds of bank committees will have to pay the strategic shareholders and various intermediaries.

Opportunities

This, Barclays responded that, after taking account of taxation and of warrants with, the cost of these instruments is equivalent to 13, not far from the remuneration of the shares in preference of Downing Street. "This operation allows to raise funds in a certain and quick manner," insists Marcus Agius, the Chairman of Barclays. "Independence is desirable, in particular during this period," adds John Varley, the Director-General: even if the period is difficult, it provides opportunities to the image of Lehman Barclays acquired American activities. And John Varley, to insist on the deepening of the relationship with the shareholders of the Gulf so that "the benefits of the relationship with QIA are already felt in our capital markets activities".

Barclays shareholders, in any case, will be brought to speak at the General Assembly on 24 November. In the meantime, the institutional who could subscribe to a convertible duty of books, through an accelerated investment 1.5 billion Friday, took that 1.25 billion. Friday, the course of Barclays fell 12.84 to 178,9 pence. "Profit before tax for the nine months ending in late September was slightly increased over 2007," said the Bank, which publishes quarterly accounts. Barclays has found, in the third quarter, only 129 million pounds of additional impairment losses on its credit portfolio, 1.1 billion of gains in fair value on its own debt with offset 1.2 billion of losses. But in October, recognizes, the tightening of credit spreads has already been lost this billion of capital gains on debt...