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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
PNNLN
South West Water Finance PLC£350
2EMEA
Jul 7, 2026
currency
GBP
size (m)
250.000
maturity
Jul 16, 2035
type
Fixed
tenor
9.000
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Unsecured
moody's
Baa1
s&p
-
fitch
A-
size description
-
re-open/tap
No
ipt
G+150 area
ipt-pxd
-20
guidance
n/a - straight to launch
spread
130
coupon
6.00%
spread set
-
price
98.83600
yield
6.172%
book size (m)
1,200
peak book (m)
1,200
x-covered
4.8
book attrition
0.00%
nic
30
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
book size (m)
1,200
peak book (m)
1,200
x-covered
4.8
book attrition
0.00%
nic
30
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
-
currency
GBP
size (m)
100.000
maturity
Jul 16, 2041
type
Fixed
tenor
15.000
call
-
registration
Reg S Only
benchmark
G
ranking
Inflation Linked
moody's
Baa1
s&p
-
fitch
A-
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-2.5
guidance
G+160-165
spread
160
coupon
3.806%
spread set
-
price
100.00000
yield
3.806%
book size (m)
160
peak book (m)
160
x-covered
1.6
book attrition
0.00%
nic
30
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
book size (m)
160
peak book (m)
160
x-covered
1.6
book attrition
0.00%
nic
30
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
Tranche Comments
Book size: 1200; First Pay: 2027-07-16; Registration: Reg S Only; Comments: UKT 0.625% due July 2035 / 69.725% (Mid) 69.715% (Bid side) / HR 112%. MWC: UKT+20. CoC: 100%. LEI: 213800OV68U446W4NV89; Book size: 160; First Pay: 2027-01-16; Registration: Reg S Only; Comments: UKTI 0.125% due August 2041 / 73.41% (Mid) 73.395% (Bid side) / HR 71%. CoC: 100%. LEI: 213800OV68U446W4NV89;
Guarantor(s)
South West Water Ltd
Use of Proceeds
The Issuer intends to use net proceeds from the issuance to finance or refinance, in whole or in part, new or existing eligible projects as set out in the Group’s Sustainable Financing Framework and as more fully described in the Base Prospectus
Relative Value

Green

9yr (July 2035) @ G+150 area

Implied Spread for fresh 9yr @ G+100

Priced at MS+130
NIC of 30

RPI-linked
15yr (July 2041) @ UKTi+160-165
Implied Spread for fresh 9yr @ UKTi+130

Priced at UKTi+160
NIC of 30

COMPS

Ticker

Rating

Coupon

Maturity

Tenor

Size

Bmk Sprd

Label

PNNLN

Baa1/-/A-

5.25%

Sep-31

5.2y

300m

119

Green

PNNLN

Baa1/-/A-

5.75%

Dec-32

6.4y

250m

125

Green

PNNLN

Baa1/-/A-

6.38%

Aug-41

15.1y

400m

126

Green

SVTLN

Baa1/NR/A-

2.63%

Feb-33

6.6y

400m

89

Sustainable

SVTLN

Baa1/NR/A-

4.63%

Nov-34

8.4y

400m

98

Sustainable

SVTLN

Baa1/NR/A-

5.25%

Apr-36

9.7y

450m

102

Sustainable

UU

Baa1/BBB+/A-

2.00%

Jul-33

7.0y

350m

96

 

UU

Baa1/BBB+/A-

5.00%

Feb-35

8.6y

200m

102

 

UU

Baa1/BBB+/A-

5.75%

Jun-36

10.0y

400m

103

Sustainable

GLCCUK

Baa1/NR/A-

2.50%

Mar-36

9.7y

300m

118

WBS

AFFNTY

A3/BBB+/BBB+

4.50%

Mar-36

9.7y

250m

118

WBS

NWGLN

Baa1/NR/BBB+

6.38%

Oct-34

8.3y

400m

123

 

AWLN

Baa1/NR/A-

5.38%

Nov-33

7.3y

570m

126

WBS