Published on 3/28/2019 in the Prospect News Investment Grade Daily.
New Issue: Barclays sells $750 million tap of 4.61% fixed-to-floaters due 2023 at 170 bps spread
By Cristal Cody
Tupelo, Miss., March 28 – Barclays plc priced a $750 million reopening of its fixed-to-floating rate senior notes due Feb. 15, 2023 on Thursday at a spread of 170 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 175 bps area.
The notes (Baa3/BBB/A) priced at 101.966 to yield 3.872%.
Barclays originally sold $1.75 billion of the notes on Nov. 7, 2018 at 99.981 to yield 4.16% and a spread of 160 bps over Treasuries. The notes will convert Feb. 15, 2022 to a floating rate of Libor plus 140 bps. The total outstanding is now $2.5 billion.
Barclays was the bookrunner.
Proceeds will be used for general corporate purposes and 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: | $750 million reopening
|
| Maturity: | Feb. 15, 2023
|
| Description: | Fixed-to-floating rate senior notes
|
| Bookrunner: | Barclays
|
| Co-managers: | Banco de Sabadell, SA, BNY Mellon Capital Markets, LLC, C.L. King & Associates, Inc., Commonwealth Bank of Australia, Landesbank Baden-Wurttemberg, MFR Securities, Inc., Skandinaviska Enskilda Banken AB and Tribal Capital Markets, LLC
|
| Coupon: | 4.61%; converts Feb. 15, 2022 to Libor plus 140 bps
|
| Price: | 101.966
|
| Yield: | 3.872%
|
| Spread: | Treasuries plus 170 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
|
| Trade date: | March 28
|
| Settlement date: | April 2
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 175 bps area
|
| Total outstanding: | $2.5 billion, including $1.75 billion of notes priced Nov. 7, 2018 at 99.981 to yield 4.16%, or 160 bps over Treasuries
|
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