By Cristal Cody
Tupelo, Miss., Aug. 5 – Barclays plc priced $1.5 billion of fixed-rate resetting perpetual subordinated contingent convertible securities (Ba2//BBB-) at par to yield 6.125% on Wednesday, according to a market source.
Initial talk was in the 6.625% area with guidance revised to the 6.375% area.
The notes will reset June 15, 2026 and every five years thereafter to a fixed rate of Treasuries plus 586.7 basis points.
Barclays was the bookrunner.
The securities are automatically converted into ordinary shares after a capital adequacy trigger event.
The notes are callable at the greater of a make-whole call and a par call six months after settlement.
Proceeds will be used for general corporate purposes.
The company plans to list the securities on the London Stock Exchange.
The investment bank and financial services company is based in London.
| Issuer: | Barclays plc
|
| Amount: | $1.5 billion
|
| Maturity: | Perpetual
|
| Description: | Fixed-rate resetting perpetual subordinated contingent convertible securities
|
| Bookrunner: | Barclays
|
| Coupon: | 6.125%; resets June 15, 2026 and every five years thereafter to Treasuries plus 586.7 bps
|
| Price: | Par
|
| Yield: | 6.125%
|
| Call feature: | On or after Dec. 15, 2025 at par
|
| Trade date: | Aug. 5
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | 6.375% area; initial talk at 6.625% area
|
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