The move by Qatar Holding to sell a portion of its investment in Barclays was a reminder that £3bn of the bank’s warrants are waiting in the wings.

As the share price slide testified, the warrants’ dilutive effect on existing investors, when converted into shares, is a potential drag – Barclays stock fell 5 per cent as Credit Suisse placed 379m shares with a range of about 150 UK and global institutions.