Barclays PLC filed a Free Writing Prospectus on October 29, 2026, disclosing the pricing terms for $1,250,000,000 in 5.918% Fixed-to-Floating Rate Senior Callable Notes due 2032, with settlement expected on November 5, 2026.

Key Highlights

  • Principal Amount: $1,250,000,000 in senior unsecured notes priced at 100.000% of par.
  • Fixed Coupon: 5.918% per annum from the Issue Date through November 5, 2031 (the Par Redemption Date), paid semi-annually on May 5 and November 5.
  • Floating Rate Period: From November 5, 2031 to maturity on November 5, 2032, interest resets quarterly at Compounded Daily SOFR plus a margin of 140.4 basis points.
  • Net Proceeds: $1,245,937,500 after an underwriting discount of 0.325%.
  • Expected Ratings: Baa1 (Moody's), BBB+ (S&P), and A (Fitch), according to the filing.
  • Spread to Benchmark Treasury: 118 basis points over the UST 5.000% due September 30, 2031, with a reoffer yield of 5.918%.
  • Sole Bookrunner: Barclays Capital Inc., with a broad syndicate of senior co-managers and co-managers.

Barclays PLC's October 2026 Senior Note Offering: Structure and Terms

According to the filing, Barclays PLC priced $1,250,000,000 of 5.918% Fixed-to-Floating Rate Senior Callable Notes due 2032 on October 29, 2026. The notes are SEC-registered senior unsecured debt, to be documented under the issuer's shelf registration statement on Form F-3 (No. 333-277578) and issued pursuant to the Senior Debt Securities Indenture dated January 17, 2018, as amended by the Twenty-Third Supplemental Indenture. Settlement is expected on November 5, 2026 (T+5). The filing states that Barclays PLC will apply to list the 2032 notes on the New York Stock Exchange.

The filing describes a two-phase interest structure. During the fixed rate period, which runs from the Issue Date through (but excluding) November 5, 2031, interest accrues at 5.918% per annum on a 30/360 basis and is payable semi-annually. Beginning on November 5, 2031, the notes enter a floating rate period through the November 5, 2032 maturity date, during which interest is calculated quarterly at Compounded Daily SOFR plus the 2032 Notes Margin of 140.4 basis points, on an Actual/360 basis. Floating rate interest payments are due on February 5, 2032, May 5, 2032, August 5, 2032, and the maturity date.

The filing notes that the issuer may optionally redeem the notes in whole or in part under a make-whole redemption provision at any time on or after May 5, 2027, through (but excluding) November 5, 2031, using a discount factor of 20 basis points. On the Par Redemption Date of November 5, 2031, the issuer may redeem the notes in whole at 100% of principal plus accrued interest. The notes are also subject to tax redemption and loss absorption disqualification event redemption as described in the Preliminary Prospectus Supplement. The filing includes a U.K. Bail-in Power Acknowledgement and notes the notes are denominated in minimums of $200,000 and integral multiples of $1,000 in excess thereof.

What Was Disclosed

Barclays PLC disclosed final pricing terms for a $1,250,000,000 senior callable note offering due 2032, including coupon, spread, redemption provisions, net proceeds of $1,245,937,500, expected ratings, and syndicate details, via a Free Writing Prospectus filed October 29, 2026.