Barclays Q1 2021 Fixed Income Investor Presentation
STRATEGY, TARGETS
& GUIDANCE
CAPITAL
MREL, FUNDING
PERFORMANCE
ASSET QUALITY
CREDIT RATINGS
ESG
& LEVERAGE
& LIQUIDITY
DIVISIONS
& LEGAL ENTITIES
MREL position well placed to meet 2022 requirements
Expect c.£8bn of MREL issuance in 2021; £2.3bn equivalent issued in Q121
Fully loaded MREL position of £100bn as at Mar-211
Well advanced on 2022 HoldCo issuance plan
APPENDIX
•
Issued £2.3bn³ of MREL in Q121 across Senior and Tier 2 form
£100.5bn
•
Continue to expect c.£8bn of MREL issuance for 2021
UK leverage cash
exemption
£101.7bn
7.7%
Expect to be a net negative issuer in 2021
•
£34.6bn
Senior
£92.0bn
29.4%
£91.9bn
7.8%
Issuance plan out to 2022 calibrated to meet MREL
requirements and allow for a prudent headroom
£8.9bn T2
£11.1bn AT1
£45.9bn
CET1
2021 MREL issuance, maturities and calls
HoldCo issuance
£2.3bn
HoldCo/OpCo
maturities & calls
c.£8bn
c.£3.5bn
c.£5.5bn
c.£9bn
Mar-21
fully-loaded
MREL position
01-Jan-22
RWA
requirement
01-Jan-22
UK leverage
requirement²
01-Jan-22
CRR leverage
requirement
HoldCo
Debt
OpCo
Debt
1 The MREL requirement must meet the higher of the RWA and leverage bases. The chart represents an illustrative scenario only, where the CRR leverage basis is binding in 2022. Based on current Pillar 2A requirement. 2022 requirements subject to BoE review |
2 Represents UK average leverage requirement |3Q121 issuance excludes USD 500m Senior Unsecured Formosa which priced on 22 December 2020 and settled on 7 January 2021 |
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