New Issue: Barclays sells $1.5 billion 4.375% contingent convertible securities

By Cristal Cody

Chicago, Aug. 5 – Barclays Bank plc sold a $1.5 billion offering of 4.375% fixed-rate resetting perpetual subordinated contingent convertible securities (Ba2/B+/BBB-) on Wednesday, according to an FWP filing with the Securities and Exchange Commission and a market source.

After Sept. 15, 2028, quarterly payments will be made with a coupon based on Treasuries plus 341 basis points. The rate resets every five years.

The notes are callable from March 15, 2028 to the first reset date and then on any subsequent reset date.

The notes had initial price talk in the 5% area and priced at par.

Barclays was the structuring adviser and sole bookrunner.

Barclays is a banking and financial services company based in London.

Issuer:	Barclays Bank plc
Issue:	Fixed-rate resetting perpetual subordinated contingent convertible securities
Amount:	$1.5 billion
Maturity:	Perpetual
Bookrunners:	Barclays
Joint lead managers:	BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commerz Markets LLC, ING Financial Markets LLC, JP Morgan Securities LLC, Natixis Securities Americas LLC, Nordea Bank ABP, Santander Investment Securities Inc., SMBC Nikko Securities American, Inc., Standard Chartered Bank, UBS Securities LLC, UniCredit Capital Markets LLC
Senior co-managers:	BNY Mellon Capital Markets, LLC, Citizens Capital Markets, Inc., PNC Capital Markets LLC, RB International Markets (USA) LLC, US Bancorp Investments, Inc.
Co-managers:	Academy Securities, Inc., American Veterans Group, PBC, AmeriVet Securities, Inc., Bancroft Capital LLC, Capital One Securities, Inc., Fifth Third Securities, Inc., Great Pacific Securities, Loop Capital Markets LLC, R. Seelaus & Co., LLC, Regions Securities LLC, Samuel A. Ramirez & Co., Inc., Truist Securities, Inc.
Coupon:	4.375% initial rate; converts to Treasuries plus 341 bps on Sept. 15, 2028 and resets every five years thereafter
Price:	Par
Yield:	4.375%
Call features:	Callable starting March 15, 2028 through first reset date; then callable on each reset date
Trade date:	Aug. 4
Settlement date:	Aug. 11
Ratings:	Moody’s: Ba2
	S&P: B+
	Fitch: BBB-
Distribution:	SEC registered
Price talk:	5% area
Cusip:	06738EBT1

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