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Commentary & Deal Flow

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Barclays PLC (BACR) CHF405m Jun 26 2-pt

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Barclays PLC

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Barclays PLC

by Anna Tkachenko

Jun 17, 2026 4:17 AM ET

UPDATE: Barclays PLC CHF300 Min Size 5NC4 & 8NC7 Sr Unsec; SARON MS+85/90 & SARON MS+105/110

IGC European Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT
Barclays PLC	5NC4	4y	24-Jun-31	Min CHF 125m	Sr Unsec	Fixed Rate Reset	SARON MS+85/90
Barclays PLC	8NC7	7y	24-Jun-34	Min CHF 175m	Sr Unsec	Fixed Rate Reset	SARON MS+105/110

IPTs: 5NC4: SARON MS+85/90bp 8NC7: SARON MS+105/110bp

Issuer: Barclays PLC (Ticker: BACR)
Issuer Domicile: United Kingdom
Issuer Rating: Baa1 (Stable) / BBB+ (Stable) / A (Stable) (Moody's/S&P/Fitch)
Instrument Rating (exp): Baa1 / BBB+ / A (Moody's/S&P/Fitch)
Format: Fixed Rate Resetting Senior Callable Notes
Status: Senior, Unsecured, Unsubordinated
Size:
- 5NC4: Min. CHF 125m
- 8NC7: Min. CHF 175m
Settlement Date: 24-Jun-26
Optional Redemption Date (Call):
- 5NC4: 24-Jun-30
- 8NC7: 24-Jun-33
Maturity Date:
- 5NC4: 24-Jun-31
- 8NC7: 24-Jun-34
Coupon:
- 5NC4: 1.10% p.a. (indicative, expected to price at par) until the Call Date. Thereafter the sum of 1y CHF SARON MS and the initial spread margin
- 8NC7: 1.50% p.a. (indicative, expected to price at par) until the Call Date. Thereafter the sum of 1y CHF SARON MS and the initial spread margin
Spread/Yield:
- 5NC4: SARON MS +85.0 /+90.0 // YTM 1.083% /1.133% // Govt.+92 /+97
- 8NC7: SARON MS +105.0 /+110.0 // YTM 1.468% /1.518% // Govt.+122 /+127
Lead Manager(s): Commerzbank, DB, UBS, Barclays (JLNB)
SNB Repo-eligibility: At the discretion of the SNB, expected no
Documentation: Issued off the Debt Issuance Programme Base Prospectus dated 24-Feb-26, as supplemented on 29-Apr-26 (the “Prospectus”).
FinSA Prospectus: Delayed prospectus approval in accordance with art. 51(2) FinSA
Governing Law: English
Covenants: PP
SIX Listing: 22-Jun-26
Denomination: CHF 200,000 and multiples thereof
Sales Restrictions: United States (Reg S, Cat 2), UK, EEA, France, Canada, Japan, PRC, Hong Kong, Norway, Singapore, Australia and the Republic of Italy as more fully described in the Subscription and Sale section as set out in the Prospectus
Target Market: Manufacturer target market (MiFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all channels for distribution channels). Public Offering in Switzerland only.
Timing: Today's business, books can close at short notice