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Barclays 7.125% perpetual bond.


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I’m not sure if this is the same issuance, but if no dividend is paid then they can decide to not pay the coupon.

 In addition, interest on the Notes need not be paid on any Interest Payment Date by the Bank if, in the six months immediately preceding such Interest Payment Date, no dividend has been declared or paid on any class of share capital of the Holding Company (as defined herein) or (if at the relevant time the Holding Company is a company other than the Bank itself) on any class of preference share capital of the Bank

https://www.fixedincomeinvestor.co.uk/sdoc/228.pdf

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