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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
NWG
NatWest Markets PLC€1,250
1EMEA
Jun 23, 2026
currency
EUR
size (m)
1,250.000
maturity
Jun 30, 2029
type
Fixed
tenor
3.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A1
s&p
A
fitch
AA
size description
-
re-open/tap
No
ipt
MS+70 area
ipt-pxd
-25
guidance
n/a - straight to launch
spread
45
coupon
3.125%
spread set
-
price
99.79100
yield
3.199%
book size (m)
1,800
peak book (m)
2,250
x-covered
1.44
book attrition
-20.00%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,800
peak book (m)
2,250
x-covered
1.44
book attrition
-20.00%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1800; Registration: Reg S Only; Comments: OBL 2.1 04/29 + 63.6bps (spot 98.76, HR 106%). LEI: RR3QWICWWIPCS8A4S074;
Deal Comments
UPDATE: Spread set at MS+45
Relative Value

COMPS

Issuer

Rating (M / S / F)

Issue Date

Coupon (%)

Size (EUR mn)

Maturity Date

I-sprd Bid

NWG

A1 / A / AA

01/2024

3.625

750

01/2029

30

INTNED

A2 / A+ / AA

05/2026

3.25

1,000

05/2029

36

BACR

A1 / A+ / AA-

06/2026

3.32

1,250

06/2029

42

NWG

A1 / A / AA

01/2025

3.125

1,000

01/2030

48

LLOYDS

A1 / A / AA

03/2025

3.25

750

03/2030

43