HG bonds: Barclays returns with $4B of callable notes; terms

Barclays PLC today completed a $4 billion, three-part offering across senior callable notes due 2027, 2032 and 2042.

Barclays last tapped the market in March, when it placed a $2 billion, two-part offering, evenly split across 2.667% 11-year (non-call 10) senior notes due March 2032 at T+120 and 3.811% 21-year (non-call 20) subordinated notes due March 2042 at T+165.

S&P Global Ratings in June revised the outlook on its ratings, including A issuer credit and BBB senior unsecured ratings, to positive, from stable. "The positive outlook reflects our view of the growing momentum in Barclays' franchise and creditworthiness resulting from its stable management and settled strategy. Its major legacy legal and regulatory cases appear to be resolved and it has shown relative resilience through the pandemic due to its diversified business model. We see greater potential for a more predictable performance and a stronger, more consistent business position as global economies recover from the pandemic," the agency said June 24.

In July, Fitch changed the outlook on its ratings, including the A senior unsecured profile, to stable, from negative, to reflect the improved expectations for the economic recovery in Barclays' key markets. "The Outlook revision also considers Fitch's view that Barclays' performance through the pandemic and its expected performance has increased rating headroom for the group to absorb pressure that may arise from remaining uncertainties caused by the pandemic," Fitch said July 21.

Terms: