Barclays PLC filed a Free Writing Prospectus on October 29, 2026, disclosing the pricing terms for $1,000,000,000 in 5.674% Fixed-to-Floating Rate Senior Callable Notes due November 5, 2030, under Registration Statement No. 333-277578.

Key Highlights

  • Principal Amount: $1,000,000,000 in senior unsecured notes priced at 100.000% to the public.
  • Fixed Rate: 5.674% per annum during the fixed rate period, from the Issue Date of November 5, 2026, to (but excluding) the Par Redemption Date of November 5, 2029.
  • Floating Rate Period: From November 5, 2029 to the Maturity Date of November 5, 2030, interest is calculated quarterly at Compounded Daily SOFR plus a margin of 116.0 basis points.
  • Net Proceeds: $997,500,000, after an underwriting discount of 0.250%.
  • Expected Ratings: Baa1 by Moody's, BBB+ by S&P, and A by Fitch, according to the filing.
  • Spread to Benchmark Treasury: 100 basis points over the UST 4.875% due October 15, 2029, with a reoffer yield of 5.674%.
  • Listing: Barclays PLC stated it will apply to list the 2030 notes on the New York Stock Exchange.

Barclays PLC 2030 Note Offering: Key Terms and Structure

According to the filing, Barclays PLC priced $1,000,000,000 in aggregate principal of 5.674% Fixed-to-Floating Rate Senior Callable Notes due 2030 on a trade date of October 29, 2026. Settlement is expected on November 5, 2026 (T+5). The notes are to be issued as senior, unsecured debt under the Issuer's shelf registration statement on Form F-3 (No. 333-277578), pursuant to the Senior Debt Securities Indenture dated January 17, 2018, between Barclays PLC and The Bank of New York Mellon, London Branch, as trustee, as amended and supplemented by the Twenty-Third Supplemental Indenture.

The filing describes a two-phase interest structure. During the fixed rate period from the Issue Date to (but excluding) November 5, 2029, interest is payable semi-annually in arrear on May 5 and November 5 each year, beginning May 5, 2027. Upon the Par Redemption Date of November 5, 2029, if not redeemed, the notes transition to a floating rate equal to Compounded Daily SOFR plus 116.0 basis points, with interest payable quarterly through the Maturity Date of November 5, 2030. The day count convention shifts from 30/360 in the fixed period to Actual/360 in the floating period.

The filing also notes that the Issuer may redeem the notes in whole or in part on or after May 5, 2027 to (but excluding) the Par Redemption Date through a make-whole redemption, using a discount factor of 15 basis points. The notes may additionally be redeemed in whole but not in part on the Par Redemption Date at 100% of principal plus accrued interest. The filing identifies Barclays Capital Inc. as sole bookrunner and lists multiple senior co-managers and co-managers. The filing acknowledges a U.K. Bail-in Power provision. Minimum denominations are $200,000 and integral multiples of $1,000 in excess thereof. The ISIN is US06738EDP79 and the CUSIP is 06738EDP7.

What Was Disclosed

Barclays PLC disclosed the full pricing terms for a $1,000,000,000 Fixed-to-Floating Rate Senior Callable Note offering due 2030, including the coupon, spread, net proceeds, optional redemption provisions, floating rate margin, and syndicate structure.