Barclays PLC filed a Free Writing Prospectus on October 29, 2026, disclosing the pricing terms for $1,750,000,000 in 6.367% Fixed-to-Floating Rate Senior Callable Notes due November 5, 2037, with settlement expected on November 5, 2026.

Key Highlights

  • Principal amount: $1,750,000,000 in senior unsecured notes, priced at 100.000% to the public.
  • Fixed coupon: 6.367% per annum, payable semi-annually, from the Issue Date to November 5, 2036 (the Par Redemption Date).
  • Floating rate period: From November 5, 2036 to maturity on November 5, 2037, bearing interest at Compounded Daily SOFR plus a margin of 175.7 basis points, paid quarterly.
  • Net proceeds: $1,742,125,000 after an underwriting discount of 0.450%.
  • Expected issue ratings: Baa1 (Moody's), BBB+ (S&P), and A (Fitch), per the filing.
  • Spread to benchmark treasury: 143 basis points over UST 4.625% due August 15, 2036, with a reoffer yield of 6.367%.
  • Sole bookrunner: Barclays Capital Inc., with an extensive group of senior co-managers and co-managers also named in the filing.

Barclays PLC 2037 Fixed-to-Floating Senior Note Offering: Key Terms and Structure

According to the filing, Barclays PLC is issuing $1,750,000,000 aggregate principal amount of 6.367% Fixed-to-Floating Rate Senior Callable Notes due 2037 under its shelf registration statement on Form F-3 (No. 333-277578). The trade date is listed as October 29, 2026, with a settlement date of November 5, 2026 (T+5). The notes are described as senior debt and unsecured, and the filing states that Barclays PLC will apply to list the notes on the New York Stock Exchange.

The filing discloses a two-phase interest structure. During the Fixed Rate Period, from the Issue Date through (but excluding) November 5, 2036, the notes bear interest at 6.367% per annum, payable semi-annually on May 5 and November 5 each year beginning May 5, 2027. During the Floating Rate Period, from November 5, 2036 to the maturity date of November 5, 2037, the applicable rate equals Compounded Daily SOFR plus 175.7 basis points, calculated quarterly and paid on February 5, 2037, May 5, 2037, August 5, 2037, and the maturity date. Day count conventions differ by period: 30/360 for the fixed period and Actual/360 for the floating period, as specified in the filing.

The filing states that the issuer may optionally redeem the notes in whole or in part on or after May 5, 2027 through (but excluding) the Par Redemption Date via a make-whole redemption, with a 2037 Notes Discount Factor of 25 basis points. On the Par Redemption Date itself, the notes may be redeemed in whole but not in part at 100% of principal plus accrued interest. The filing also references tax redemption and Loss Absorption Disqualification Event Redemption provisions, as well as a U.K. Bail-in Power Acknowledgement. The notes are to be documented under the Senior Debt Securities Indenture dated January 17, 2018, as amended by the Twenty-Third Supplemental Indenture. Minimum denomination is $200,000 and integral multiples of $1,000 in excess thereof, with ISIN US06738EDR36 and CUSIP 06738EDR3.

What Was Disclosed

Barclays PLC filed a pricing term sheet as a Free Writing Prospectus disclosing the full terms of its $1,750,000,000 6.367% Fixed-to-Floating Rate Senior Callable Notes due 2037, including coupon, redemption, settlement, ratings, proceeds, and underwriting details.