Bond Factsheet
BACR 7.300% Perpetual Corp (SGD)
Barclays PLC
Indicative
Full Lot
Bid Price 104.372
Change in Bid Price 0.010
Bid Yield (%) 4.599 %
Change in Bid Yield 0.010
Ask Price 104.945
Change in Ask Price 0.037
Ask Yield (%) 4.255 %
Change in Ask Yield 0.027
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
01 Mar 2023
Issue Date
08 Mar 2023
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.695
Modified Duration
1.587 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
7.300
Coupon Type
Variable
Annual Coupon Rate
7.300
Coupon Frequency
Quarterly
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 15 Sep 2028 and Every 5 Years Thereafter
Reset Rate: 5Y SORA OIS + Initial Margin (3.929%)
ISIN
XS2592840586
CUSIP
ZL3613433
Bond Currency
SGD
Total Issue Size
400,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
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
Automatic conversion upon Trigger Event
If a Capital Adequacy Trigger Event occurs, then an Automatic Conversion will occur on the Conversion Date at which point all of the Issuer's obligations under the Securities (other than the CSO Obligations, if any) shall be irrevocably and automatically released in consideration of the Issuer's issuance of the Conversion Shares to the Conversion Shares Depository on the Conversion Date at the Conversion Price, and under no circumstances shall such released obligations be reinstated. If the Issuer has been unable to appoint a Conversion Shares Depository, it shall make such other arrangements for the issuance and/or delivery of the Conversion Shares or Conversion Shares Offer Consideration, as applicable, to the Holders as it shall consider reasonable in the circumstances, which may include issuing the Conversion Shares to another nominee or to the Holders directly, which issuance shall irrevocably and automatically release all of the Issuer's obligations under the Securities (other than the CSO Obligations, if any) as if the Conversion Shares had been issued to the Conversion Shares Depository.
A "Capital Adequacy Trigger Event" shall occur if at any time the fully loaded CET1 Ratio is less than 7.00 per cent. 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 the Holders. The Automatic Conversion shall occur without delay upon the occurrence of a Capital Adequacy Trigger Event.
"Conversion Price" means SGD 2.66 per Conversion Share, subject to adjustment in accordance with Condition 9 (Adjustments to the Conversion Price and Conversion Shares Offer Price). On the Issue Date, the Conversion Price shall be equivalent to the Conversion Shares Offer Price translated into Singapore dollars at an exchange rate of £1.00 = SGD 1.613.
Recognition of UK Bail-in Power
(a) Agreement and Acknowledgement with Respect to the Exercise of the UK Bail-in Power
Notwithstanding and to the exclusion of any other term of the Securities or any other agreements, arrangements, or understandings between the Issuer and any Holder (or the Trustee on behalf of the Holders), by its acquisition of the Securities, each Holder acknowledges and accepts that the Relevant Amounts arising under the Securities may be subject to the exercise of the UK Bail-in Power by the Resolution Authority, and acknowledges, accepts, consents, and agrees to be bound by:
(i) the effect of the exercise of the UK Bail-in Power by the Resolution Authority, that may include and result in any of the following, or some combination thereof:
(A) the reduction of all, or a portion, of the Relevant Amounts;
(B) the conversion of all, or a portion, of the Relevant Amounts on the Securities into shares, other securities or other obligations of the Issuer or another person (and the issue to or conferral on the Holder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Securities;
(C) the cancellation of the Securities;
(D) the amendment or alteration of the maturity, if any, of the Securities, or the amendment of the amount of interest that may be payable on the Securities, or the date on which the interest may become payable, including by suspending payment for a temporary period;
(ii) the variation of the terms of the Securities, if necessary, to give effect to the exercise of the UK Bail-in Power by the Resolution Authority.
Deferral Interest Payment
Interest on the Securities is 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.
Effect of Interest Cancellation
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 the sub-sections entitled "Interest Payments Discretionary" and "Restriction on Interest Payments" above. Any interest cancelled or deemed cancelled (in each case, in whole or in part) in the circumstances described above shall not be due and shall not accumulate or be payable at any time thereafter, and Holders 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
Additional Note
Subject to paragraph (e) (Conditions to redemption) below, if there is a change in the regulatory classification of the Securities that occurs on or after the Issue Date and that does, or would be likely to, result in the whole or any part of the outstanding aggregate principal amount of the Securities at any time being excluded from, or ceasing to count towards, the Group's Tier 1 Capital (a "Regulatory Event"), the Issuer may, at its option, at any time redeem the Securities, in whole but not in part, at a redemption price equal to 100 per cent. of their principal amount, together with any accrued but unpaid interest (which excludes any interest cancelled or deemed cancelled in accordance with Condition 4 (Interest Cancellation)) to (but excluding) the date fixed for redemption.
No Set-Off
Subject to applicable law, no Holder may exercise, claim or plead any right of set-off, compensation, retention or netting in respect of any amount owed to it by the Issuer arising under, or in connection with, the Securities and each Holder shall, by virtue of its holding of any Securities, be deemed to have waived all such rights of set-off, compensation, retention and netting.
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