LONDON (S&P Global Ratings) March 29, 2022--S&P Global Ratings said today that Barclays PLC (Barclays; BBB/Positive/A-2) has sufficient capital headroom to absorb the consequences of its overissuance of securities under a U.S. shelf program. However, the breach of the program cap suggests to us a control lapse, which regulators are conducting inquiries into and making requests for information, alongside Barclays' own independent review. Barclays' non-ring-fenced bank subsidiary Barclays Bank PLC (BBPLC; A/Positive/A-1) is a frequent issuer of structured notes under its U.S. shelf registration. On March 28, 2022, Barclays and BBPLC announced that, over a period of about one year, BBPLC issued securities under the shelf that exceeded the $20.8 billion registered amount by about $15.2 billion. To remedy the
