New Issue: Barclays details $4 billion of fixed-rate resetting callable notes in three parts

By Cristal Cody

Chicago, Nov. 18 – Barclays plc sold $4 billion of fixed-rate resetting senior callable notes in three tranches (Baa2/BBB/A) on Wednesday, according to a market source and details in multiple FWP filings with the Securities and Exchange Commission on Thursday.

The bank priced $1.75 billion of six-year notes. The coupon starts at 2.279%, pricing at to 105 basis points over Treasuries, 20 bps low to talk in the 125 bps area. The notes priced at par.

The rate will reset on the 2027 notes to Treasuries plus 105 bps on Nov. 24, 2026. They have a make-whole call starting six months after issuance at Treasuries plus 15 bps until the reset date when they are callable at par.

Also part of the deal was a tranche of $1.25 billion of 11-year notes. The starting rate is 2.894%, for a spread of Treasuries plus 130 bps, 20 bps low to talk in the 150 bps area. The notes priced at par.

The coupon on the middle tranche resets on Nov. 24, 2031 to Treasuries plus 130 bps.

The optional redemption feature also starts six months after issuance with a make-whole call at Treasuries plus 20 bps until one year before the maturity date.

Barclays also sold $1 billion of 21-year notes. The starting 3.33% coupon rate represents a spread of 130 bps over Treasuries, 20 bps low to talk in the 150 bps area. The notes priced at par.

The rate resets to Treasuries plus 130 bps on Nov. 24, 2041.

Any optional redemption will start six months after the notes are issued with a make-whole premium at Treasuries plus 20 bps until one year before the maturity date.

Barclays is the bookrunner.

Proceeds will be used for general corporate purposes.

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

Issuer:	Barclays plc
Amount:	$4 billion
Issue:	Fixed-rate resetting senior callable notes
Bookrunner:	Barclays
Trade date:	Nov. 17
Settlement date:	Nov. 24
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: A
Distribution:	SEC registered
Six-year notes
Amount:	$1.75 billion
Maturity:	Nov. 24, 2027
Senior co-managers:	CIBC World Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., Skandinaviska Enskilda Banken AB (Publ), Societe Generale and Wells Fargo Securities, LLC
Co-managers:	Blaylock Van, LLC, Desjardins Securities Inc., Mizuho Securities USA LLC and Nordea Bank Abp
Coupon:	2.279% initial rate, resets Nov. 24, 2026 at Treasuries plus 105 bps
Price:	Par
Yield:	2.279%
Spread:	Treasuries plus 105 bps
Call features:	Make-whole call beginning six months after issuance at Treasuries plus 15 bps; par call one year before maturity
Price talk:	Treasuries plus 125 bps area
Cusip:	06738EBU8
11-year notes
Amount:	$1.25 billion
Maturity:	Nov. 24, 2032
Senior co-managers:	BMO Capital Markets Corp., BNP Paribas Securities Corp., Danske Markets Inc., Natixis Securities Americas LLC, Santander Investment Securities Inc., Standard Chartered Bank and UBS Securities LLC
Co-managers:	AmeriVet Securities, Inc., ANZ Securities, Inc., Capital One Securities, Inc., C.L. King & Associates, Inc., Drexel Hamilton, LLC, DZ Financial Markets LLC, Fifth Third Securities, Inc., RB International Markets (USA) LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc. and Swedbank AB (publ)
Coupon:	2.894% initial rate, resets Nov. 24, 2031 at Treasuries plus 130 bps
Price:	Par
Yield:	2.894%
Spread:	Treasuries plus 130 bps
Call features:	Make-whole call beginning six months after issuance at Treasuries plus 20 bps; par call one year before maturity
Price talk:	Treasuries plus 150 bps area
Cusip:	06738EBV6
21-year notes
Amount:	$1 billion
Maturity:	Nov. 24, 2042
Senior co-managers:	Citizens Capital Markets, Inc., Commerz Markets LLC, ING Financial Markets LLC, Intesa Sanpaolo SpA, MUFG, PNC Capital Markets LLC, Banco de Sabadell, SA, UniCredit Capital Markets LLC and U.S. Bancorp Investments, Inc.
Co-managers:	BBVA Securities Inc., BNY Mellon Capital Markets, LLC, Bankinter SA, CastleOak Securities, LP, Falcon Square Capital LLC, Multi-Bank Securities, Inc., Nomura Securities International, Inc., Penserra Securities LLC, Roberts & Ryan Investments, Inc. and Truist Securities, Inc.
Coupon:	3.33% initial rate; resets Nov. 24, 2041 at Treasuries plus 130 bps
Price:	Par
Yield:	3.33%
Spread:	Treasuries plus 130 bps
Call features:	Make-whole call beginning six months after issuance at Treasuries plus 20 bps; par call one year before maturity
Price talk:	Treasuries plus 150 bps area
Cusip:	06738EBW4

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