New Issue: Barclays sells $1.75 billion 2.852% fixed-to-floating notes due 2026

By Marisa Wong

Los Angeles, May 1 – Barclays plc priced $1.75 billion of 2.852% six-year fixed-to-floating rate senior notes on Thursday, according to an FWP filing with the Securities and Exchange Commission.

Barclays priced the notes at par to yield a spread of 250 basis points over Treasuries.

The notes will convert on May 7, 2025 to a floating rate of Libor plus 245.2 bps.

Barclays is the bookrunner.

Proceeds will be used for general corporate purposes and to strengthen the issuer’s capital base.

The investment bank and financial services company is based in London.

Issuer:	Barclays plc
Amount:	$1.75 billion
Maturity:	May 7, 2026
Description:	Fixed-to-floating rate senior notes
Bookrunner:	Barclays
Senior co-managers:	Banca IMI SpA, BBVA Securities Inc., Citigroup Global Markets Inc., Citizens Capital Markets, Inc., J.P. Morgan Securities LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC and SMBC Nikko Securities America, Inc.
Co-managers:	AmeriVet Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Desjardins Securities Inc., Great Pacific Securities, Penserra Securities LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc.
Coupon:	2.852%, converts May 7, 2025 to Libor plus 245.2 bps
Price:	Par
Yield:	2.852%
Spread:	Treasuries plus 250 bps
Call features:	Make-whole call on or after Nov. 7, 2020 until May 7, 2025 at Treasuries plus 40 bps; par call after that
Trade date:	April 30
Settlement date:	May 7
Distribution:	SEC registered

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