![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgX59Aydn7PmjwD39LpyFa_eWmv7XjyzFpkAIpoaTI8JV-rl3N2kwTfniZuXNmfz9EFFfsBszRWk2tJRovHPYShVo9PtU5hOixG_Q6oiFS58wCAm4cFihBNW-sPoLqDgcw72ZUxGNeVOrm5/s400/Holders.gif)
The notes have to be converted before the end of June-09, creating a 10% dilution at 153 pp - about half the current level. Imagine an announcement that a company is about to issue 10% of additional shares at a 50% discount to market. Sounds like a signal to sell. The market seems to be ignoring it.
Barclays share price
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The rest of the capital raise is quite expensive. £3 billion of 14% coupon notes going out to JUNE 2019 plus warrants. In total the new (mostly Middle East) investors will have an almost 32% stake in Barclays. It's amazing what it took to stay private in that dark October.
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