Barclays offers £750 million in perpetual subordinated convertible debt
BCS•Barclays plans to issue £750 million of perpetual subordinated contingent convertible securities, with an initial annual interest rate of 8.63% until March 15, 2034. The issue is scheduled for November 9, 2026, and is expected to raise £742.5 million before expenses.
1. Issue terms
Barclays plans to issue £750 million of fixed-rate resetting perpetual subordinated contingent convertible securities. They will carry an initial annual interest rate of 8.63% until March 15, 2034; afterward, the rate will reset every five years to the applicable mid-market swap rate plus a 4.21-percentage-point margin, converted to a quarterly rate.
2. Timing and payments
Issuance is scheduled for November 9, 2026, with proceeds of £742.5 million before expenses. The securities are first callable from September 15, 2033, and interest payments are discretionary.
