Published on 5/10/2018 in the Prospect News Investment Grade Daily.
New Issue: Barclays details $4.5 billion sale of senior notes in three tranches
By Cristal Cody
Tupelo, Miss., May 10 – Barclays plc (A2/A/A) sold $4.5 billion of notes in three tranches on Wednesday, according to FWP filings with the Securities and Exchange Commission.
The $1.5 billion of six-year floating-rate notes priced at par to yield Libor plus 138 basis points.
Barclays sold $1.25 billion of 4.338% six-year fixed-to-floating rate notes at par to yield a Treasuries plus 150 bps spread. The notes reset to a floating rate of Libor plus 135.6 bps from May 16, 2023 to but excluding the maturity date.
The final $1.75 billion tranche of 4.972% 11-year fixed-to-floating rate notes priced at par to yield a Treasuries plus 197 bps spread. The rate on the notes will reset to a floating rate of Libor plus 190.2 bps on May 16, 2028 to but excluding the maturity date.
Barclays was the bookrunner.
The financial services company is based in London.
| Issuer: | Barclays plc
|
| Amount: | $4.5 billion
|
| Description: | Senior notes
|
| Bookrunner: | Barclays
|
| Co-managers: | Academy Securities, Inc.; ANZ Securities, Inc.; BMO Capital Markets Corp.; CastleOak Securities, LP; Citizens Capital Markets, Inc.; Commonwealth Bank of Australia; Erste Group Bank AG; Lloyds Securities Inc.; MFR Securities, Inc.; MUFG; nabSecurities, LLC; Natixis Securities Americas LLC; Nomura Securities International, Inc.; PNC Capital Markets LLC; Rabo Securities USA, Inc.; Samuel A. Ramirez & Co., Inc.; Santander Investment Securities Inc.; Scotia Capital (USA) Inc.; Siebert Cisneros Shank & Co., LLC; Skandinaviska Enskilda Banken AB; SMBC Nikko Securities America, Inc.; SunTrust Robinson Humphrey, Inc.; Telsey Advisory Group LLC; UniCredit Capital Markets LLC and U.S. Bancorp Investments, Inc.
|
| Trade date: | May 9
|
| Settlement date: | May 16
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Six-year floaters
|
| Amount: | $1.5 billion
|
| Description: | Floating-rate notes
|
| Maturity: | May 16, 2024
|
| Coupon: | Libor plus 138 bps
|
| Price: | Par
|
| Yield: | Libor plus 138 bps
|
| Call feature: | May 16, 2023 at par
|
|
|
| Six-year notes
|
| Amount: | $1.25 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | May 16, 2024
|
| Coupon: | 4.338%; resets to floating rate of Libor plus 135.6 bps from May 16, 2023 to but excluding the maturity date
|
| Price: | Par
|
| Spread: | Treasuries plus 150 bps
|
| Call features: | Make-whole call on or after Nov. 16, 2018 to but excluding May 16, 2023 at Treasuries plus 25 bps; thereafter at par
|
|
|
| 11-year notes
|
| Amount: | $1.75 billion
|
| Description: | Fixed-to-floating rate notes
|
| Maturity: | May 16, 2029
|
| Coupon: | 4.972%; resets May 16, 2028 at Libor plus 190.2 bps
|
| Price: | Par
|
| Spread: | Treasuries plus 197 bps
|
| Call features: | Make-whole call on or after Nov. 16, 2018 to but excluding May 16, 2028 at Treasuries plus 30 bps; thereafter at par
|
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