Published on 11/8/2018 in the Prospect News Investment Grade Daily.
New Issue: Barclays prices $2.5 billion of senior notes in two tranches
By Cristal Cody
Tupelo, Miss., Nov. 8 – Barclays plc sold $2.5 billion of senior notes (Baa3/BBB/A) in two tranches, according to a market source and FWP filings with the Securities and Exchange Commission.
The company priced $750 million of floating-rate notes due Feb. 15, 2023 at par to yield Libor plus 143 basis points.
Barclays sold $1.75 billion of 4.61% long four-year fixed-to-floating rate notes at 99.981 and a spread of 160 bps over Treasuries. The notes will convert Feb. 15, 2022 to a floating rate of Libor plus 140 bps.
Barclays was the bookrunner.
Proceeds will be used to strengthen the capital base of the company and its subsidiaries and or the group.
The financial services company is based in London.
| Issuer: | Barclays plc
|
| Amount: | $2.5 billion
|
| Description: | Senior notes
|
| Bookrunner: | Barclays
|
| Co-managers: | Natixis Securities Americas LLC, SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Scotia Capital (USA) Inc., CIBC World Markets Corp., Citizens Capital Markets, Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Bankia SA, BNY Mellon Capital Markets, LLC, Regions Securities LLC, Landesbank Baden-Wurttemberg, ICBC Standard Bank plc, Great Pacific Securities, Multi-Bank Securities, Inc., Penserra Securities LLC, R. Seelaus & Co., Inc. and Stern Brothers & Co.
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Floaters due 2023
|
| Amount: | $750 million
|
| Maturity: | Feb. 15, 2023
|
| Description: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Price: | Par
|
| Yield: | Libor plus 143 bps
|
| Call feature: | Non-callable three years
|
|
|
| Fixed-to-floaters
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| Amount: | $1.75 billion
|
| Maturity: | Feb. 15, 2023
|
| Description: | Fixed-to-floating rate notes
|
| Coupon: | 4.61%; converts Feb. 15, 2022 to Libor plus 140 bps
|
| Price: | 99.981
|
| Spread: | Treasuries plus 160 bps
|
| Call features: | Make-whole call on or after May 15, 2019 and until par redemption date at Treasuries plus 25 bps; thereafter at par
|
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