Barclays Bank is seeking to convert four euro-denominated benchmark covered bonds totalling Eu5.8bn (£4.26bn) from hard bullets into soft bullets via a consent solicitation exercise launched on Friday.

The issues mature between 2016 and 2022 and were launched between 2009 and 2011: ISINs XS0456178580, XS0491009659, XS0576797947 and XS0616754007. The issuer has one other euro benchmark outstanding, a soft bullet launched in February 2012, which was its last euro benchmark.

A listing of Barclays covered bond issues on the FCA’s Regulated Covered Bonds Register indicates that the only other hard bullet covered bonds it has outstanding are registered bonds (Namensschuldverschreibungen) in euros, totalling Eu1.1515bn, meaning that the four benchmarks included in the exercise represent 83.4% of its outstanding hard bullets.

As well as its last euro benchmark, the UK bank has three sterling issues and one dollar benchmark outstanding in soft bullet format.

Barclays said that Eu1.2735bn of a Eu1.3bn 4.25% 2022 benchmark included in the exercise is “outstanding”, given that it holds Eu26.5m of the security, adding that it will not attend and vote at the meeting in respect of the issue.

A 5 cent early participation fee is available to investors with a deadline of 30 October, while meetings are scheduled for 9 November.

“As with the other consent solicitations seen up until now, we expect limited spread impact,” said to Maureen Schuller, head of covered bond strategy at ING, “although some traditional hard bullet holders of the bonds may wish to sell the bonds post-conversion. Historically, the soft bullet BACR 2.25 2/17 has also always traded relatively aligned with its hard bullet adjacents.”

Barclays is the solicitation agent.