Barclays prices £750,000,000 perpetual subordinated contingent convertible securities
Barclays priced £750,000,000 of 8.625% fixed rate resetting perpetual subordinated contingent convertible securities at 100.000% of principal, with expected settlement on November 9, 2026.
Key takeaways
The offering had a November 2, 2026 trade date and is expected to settle and issue on November 9, 2026.
Automatic conversion occurs without delay if the fully loaded CET1 ratio falls below 7.00%, with a conversion price of £1.65 per Conversion Share subject to anti-dilution adjustments.
The securities are perpetual, have no fixed redemption date and rank subordinated to the claims of Senior Creditors.
Interest may be cancelled if the applicable distributable-items threshold is not met or the Solvency Condition is not satisfied.
Issuer calls are permitted from September 15, 2033 through the first reset date and during the six months preceding each subsequent reset date; regulatory-event, tax-event and clean-up call provisions also apply.
The securities were priced at 100.000% of principal with an 8.906% annual reoffer yield, 1.000% estimated underwriter compensation and £742,500,000 of estimated net proceeds.
The securities are listed on the International Securities Market of the London Stock Exchange and are not available to retail clients in the United Kingdom or EEA; the pricing term sheet does not disclose use of proceeds.
Key metrics
Primary source
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