Bond Factsheet
BACR 7.750% Perpetual Corp (USD)
Barclays PLC
Indicative
Full Lot
Bid Price 100.008
Change in Bid Price
-
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.148
Change in Ask Price
-
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 18 Sep 2023, 12:00am
Bond Issuer
Barclays PLC
Guarantor
-
Announcement Date
07 Aug 2018
Issue Date
14 Aug 2018
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.943
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.748
Coupon Type
Variable
Annual Coupon Rate
7.750
Coupon Frequency
Quarterly
Seniority
Junior Subordinated
Capital Structure
Junior Subordinated
Reference Rate
Reset Date: 15 Sep 2023 and Every Five Years Thereafter
Reset Rate: USSW5 + 4.842%
ISIN
US06738EBA29
CUSIP
06738EBA2
Bond Currency
USD
Total Issue Size
2,500,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A
Bond Credit Rating (S&P/ Fitch)
***/ BBB-
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Deferral Interest Payment
Unless the relevant prospectus supplement provides otherwise, interest on the contingent convertible securities will be due and payable only at the sole discretion of the Issuer, and the Issuer shall have sole and absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable on any interest payment date. If the Issuer does not make an interest payment on the relevant interest payment date (or if the Issuer elects to make a payment of a portion, but not all, of such interest payment), such non-payment shall evidence the Issuer's exercise of its discretion to cancel such interest payment (or the portion of such interest payment not paid), and accordingly such interest payment (or the portion thereof not paid) shall not be due and payable. If the Issuer provides notice to cancel a portion, but not all, of an interest payment and the Issuer subsequently does not make a payment of the remaining portion of such interest payment on the relevant interest payment date, such non-payment shall evidence the Issuer's exercise of its discretion to cancel such remaining portion of the interest payment, and accordingly such remaining portion of the interest payment shall also not be due and payable.
Because the contingent convertible securities are intended to qualify as additional tier 1 capital under CRD IV, the Issuer may cancel (in whole or in part) any interest payment at its discretion and may pay dividends on its ordinary or preference shares notwithstanding such cancellation. In addition, the Issuer may use such cancelled payments without restriction to meet its obligations as they fall due.
Restriction on Interest Payments
Unless the relevant prospectus supplement provides otherwise, subject to the extent permitted in the following paragraph in respect of partial interest payments, the Issuer shall not make an interest payment on the relevant series of contingent convertible securities on any interest payment date (and such interest payment shall therefore be deemed to have been cancelled and thus shall not be due and payable on such interest payment date) if:
(a) the Issuer has an amount of Distributable Items on such interest payment date that is less than the sum of (i) all distributions or interest payments made or declared by the Issuer since the end of the last financial year and prior to such interest payment date on or in respect of any Parity Securities, the relevant series of contingent convertible securities and any Junior Securities and (ii) all distributions or interest payments payable by the Issuer (and not cancelled or deemed cancelled) on such interest payment date (x) on the relevant series of contingent convertible securities and (y) on or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or
(b) the Solvency Condition (as defined under "—Ranking" below) is not satisfied in respect of such interest payment.
The Issuer may, in its sole discretion, elect to make a partial interest payment on the relevant series of contingent convertible securities on any interest payment date, only to the extent that such partial interest payment may be made without breaching the restriction in the preceding paragraph.
Issuer Call
Exchangeable
"Automatic Conversion" means, in respect of any series of contingent convertible securities, the irrevocable and automatic release of all of the Issuer's obligations under such series of contingent convertible securities in consideration of the Issuer's issuance of the Conversion Shares in accordance with the terms of such contingent convertible securities.
"Conversion Shares" means the ordinary shares of the Issuer to be issued following an Automatic Conversion.
A "Capital Adequacy Trigger Event" shall occur if at any time the fully loaded CET1 Ratio (as defined in the Preliminary Prospectus Supplement) is less than 7.00%.
Whether a Capital Adequacy Trigger Event has occurred at any time shall be determined by the Issuer and such determination shall be binding on the trustee and holders of the Securities.
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