New Issue: Barclays prices $2 billion of 3.932% fixed-to-floaters due 2025 at 165 bps spread

By Cristal Cody

Tupelo, Miss., April 30 – Barclays plc priced $2 billion of 3.932% fixed-to-floating-rate senior notes due May 7, 2025 at par on Tuesday to yield a spread of 165 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB/A) will convert on May 7, 2024 to a floating rate of Libor plus 161 bps.

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:	$2 billion
Maturity:	May 7, 2025
Description:	Fixed-to-floating rate senior notes
Bookrunner:	Barclays
Co-managers:	BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Citizens Capital Markets, Inc., Drexel Hamilton, LLC, ING Financial Markets LLC, Loop Capital Markets LLC, Mischler Financial Group, Inc.; PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., Societe Generale; Swedbank AB and U.S. Bancorp Investments, Inc.
Coupon:	3.932%; converts May 7, 2024 to Libor plus 161 bps
Price:	Par
Yield:	3.932%
Spread:	Treasuries plus 165 bps
Call features:	Make-whole call on or after Nov. 7, 2019 and until par redemption date at Treasuries plus 25 bps; thereafter at par
Trade date:	April 30
Settlement date:	May 7
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: A
Distribution:	SEC registered

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