New Issue: Barclays prices $1.5 billion of 5.088% fixed-to-floaters due 2030 at 300 bps spread

By Cristal Cody

Tupelo, Miss., June 13 – Barclays plc priced $1.5 billion of 5.088% fixed-to-floating rate subordinated notes due June 20, 2030 at par on Thursday to yield a spread of 300 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes (Ba1/BB+/A-) will convert on Sept. 20, 2029 to a floating rate of Libor plus 305.4 bps.

Barclays was the bookrunner.

Proceeds will be used for general corporate purposes.

The financial services company is based in London.

Issuer:	Barclays plc
Amount:	$1.5 billion
Maturity:	June 20, 2030
Description:	Fixed-to-floating rate subordinated notes
Bookrunner:	Barclays
Senior co-managers:	Desjardins Securities Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Skandinaviska Enskilda Banken AB, Standard Chartered Bank and U.S. Bancorp Investments, Inc.
Co-managers:	Academy Securities, Inc., BB&T Capital Markets, Capital One Securities, Inc., CastleOak Securities, LP, MUFG, National Bank of Canada Financial Inc., R. Seelaus & Co., LLC, Rabo Securities USA, Inc. and Williams Capital Group, LP
Coupon:	5.088%; resets Sept. 20, 2029 to Libor plus 305.4 bps
Price:	Par
Yield:	5.088%
Spread:	Treasuries plus 300 bps
Call feature:	On or after Sept. 20, 2029 at par
Trade date:	June 13
Settlement date:	June 20
Ratings:	Moody’s: Ba1
	S&P: BB+
	Fitch: A-
Distribution:	SEC registered

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