Bond Factsheet
BACR 9.625% Perpetual Corp (USD)
Barclays PLC
Indicative
Full Lot
Bid Price 106.880
Change in Bid Price 0.583
Bid Yield (%) 7.192 %
Change in Bid Yield 0.196
Ask Price 107.368
Change in Ask Price 0.582
Ask Yield (%) 7.027 %
Change in Ask Yield 0.195
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Barclays PLC
Guarantor
-
Announcement Date
15 Nov 2023
Issue Date
22 Nov 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.196
Modified Duration
2.741 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
9.976
Coupon Type
Variable
Annual Coupon Rate
9.625
Coupon Frequency
Quarterly
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 15 Jun 2030 and and each fifth anniversary thereafter
Reset Rate: 5Y Mid-Market Swap Rate + Margin (5.775%)
ISIN
US06738ECN31
CUSIP
06738ECN3
Bond Currency
USD
Total Issue Size
1,750,000,000
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
Agreement with Respect to the Exercise of U.K. Bail-in Power
Notwithstanding and to the exclusion of any other term of the Securities or any other agreements, arrangements, or understandings between us and any holder or beneficial owner of the Securities, or the Trustee on behalf of the holders of the Securities, by acquiring the Securities, each holder and beneficial owner of the Securities acknowledges, accepts, agrees to be bound by, and consents to the exercise of, any U.K. Bail-in Power by the Relevant U.K. Resolution Authority that may result in (i) the reduction or cancellation of all, or a portion of, the principal amount of, or interest on, the Securities; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Securities into shares or other securities or other obligations of the Issuer or another person (and the issue to, or conferral on, the holder or beneficial owner of the Securities, of such shares, securities or obligations); (iii) the cancellation of the Securities; and/or (iv) the amendment or alteration of the maturity, if any, of the Securities, or the amendment of the amount of interest due on the Securities, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K. Bail-in Power may be exercised by means of a variation of the terms of the Securities solely to give effect to the exercise by the Relevant U.K. Resolution Authority of such U.K. Bail-in Power.
Capital Adequacy Trigger Event
A “Capital Adequacy Trigger Event” shall occur if at any time the fully loaded CET1 Ratio 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.
Automatic Conversion Upon Capital Adequacy Trigger Event
An Automatic Conversion will occur without delay upon the occurrence of a Capital Adequacy Trigger Event.
“Automatic Conversion” means the irrevocable and automatic release of all of the Issuer’s obligations under the Securities (other than the CSO Obligations, if any) in consideration of the Issuer’s issuance of the Conversion Shares at the Conversion Price to the Conversion Shares Depository (on behalf of the holders of the Securities) or to the relevant recipient, in accordance with the terms of the Securities and as described in the Preliminary Prospectus Supplement.
No Set-off
The Securities are subject to the waiver of set-off provisions set forth under “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities—No Set-off” below.
Deferral Interest Payment
Interest on the 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. See also “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities—Interest Cancellation—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” in the Preliminary Prospectus..
Restriction on Interest Payments
Subject to terms described below under “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities —Interest Cancellation—Restriction on Interest Payments” and the extent permitted therein in respect of partial interest payments, the Issuer shall not make an interest payment on the 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).
See also “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities—Interest Cancellation—Agreement to Interest Cancellation” and “—Notice of Interest Cancellation” in the Preliminary Prospectus.
Agreement to Interest Cancellation
By subscribing for, purchasing or otherwise acquiring the Securities, holders of the Securities acknowledge and agree that:
(a) interest is payable solely at the discretion of the Issuer, and no amount of interest shall become due and payable in respect of the relevant interest period to the extent that it has been (x) cancelled (in whole or in part) by the Issuer at its sole discretion and/or (y) deemed cancelled (in whole or in part) as a result of us having insufficient Distributable Items or failing to satisfy the Solvency Condition; and
(b) a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms of the Indenture shall not constitute a default in payment or otherwise under the terms of the Securities.
Interest will only be due and payable on an Interest Payment Date to the extent it is not cancelled or deemed cancelled in accordance with the provisions described under “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities—Interest Cancellation—Interest Payments Discretionary” and “ —Restriction on Interest Payments” below. Any interest cancelled or deemed cancelled (in each case, in whole or in part) in the circumstances referred to above shall not be due and shall not accumulate or be payable at any time thereafter, and holders of the Securities shall have no rights thereto or to receive any additional interest or compensation as a result of such cancellation or deemed cancellation. The Issuer may use such cancelled payments without restriction to meet its obligations as they fall due.
Issuer Call
The Securities are redeemable at the option of the Issuer, in whole but not in part, on (i) any day falling in the period commencing on (and including) December 15, 2029 and ending on (and including) the first Reset Date or (ii) any day falling in the period commencing on (and including) the date that is six months before any subsequent Reset Date and ending on (and including) such Reset Date, as described under “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities— Redemption—Optional Redemption” in the Preliminary Prospectus Supplement.
Additional Note
The Securities are also redeemable, in whole but not in part, at any time at the option of the Issuer in the event of a change in certain U.K. regulatory capital requirements, as described under “Description of Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities— Redemption—Regulatory Event Redemption” in the Preliminary Prospectus Supplement.
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