Standard Life PLC (fka Phoenix Group Holdings PLC) (SDLF)

No results found for "".

Standard Life PLC (fka Phoenix Group Holdings PLC) (SDLF)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	SDLF	Standard Life PLC (fka Phoenix Group Holdings PLC)	£350		1	EMEA	Jul 14, 2026

Tranche #1Standard Life PLC (fka Phoenix Group Holdings PLC)

currency

GBP

size (m)

350.000

maturity

type

Fixed Rate Reset

tenor

Perp

call

8.00

registration

Reg S Only

benchmark

ranking

Restricted Tier 1

moody's

s&p

fitch

BBB+

size description

Will Not Grow

re-open/tap

ipt

7.875% area

ipt-pxd

-50

guidance

n/a - straight to launch

spread

coupon

7.375%

spread set

price

100.00000

yield

7.375%

book size (m)

1,700

peak book (m)

2,350

x-covered

4.86

book attrition

-27.66%

nic

12.5

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

book size (m)

1,700

peak book (m)

2,350

x-covered

4.86

book attrition

-27.66%

nic

12.5

billing & delivering

active leads

joint leads

,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1700; First Pay: 2027-01-21; Redemption: 2034-07-21; Registration: Reg S Only; Comments: UKT 4.25 7/34 + 253bp (mid spot: 96.070 ). Tax Call: Yes. Clean Up Call: 75%. LEI: 2138001P49OLAEU33T68;

Use of Proceeds

The net proceeds of the issue of the Notes are expected to be used in full to fund a portion of the consideration for the Aegon UK Acquisition (as defined in the Preliminary Offering Circular and the Final Offering Circular) but may also be used to fund general commercial activities of the Group

Relative Value

RT1
PNC8 (July 2034) @ 7.875%a

Implied Spread for fresh PNC8 @ 7.25%

Priced at 7.375%
NIC of +12.5

COMPS
Ticker	Coupon	Ratings	Size	Next Call/Maturity	To Call	Bid Px	YTC	G-Spread	Reset
AVLN	7.75	Baa2/-/BBB+	500	30/09/2032	6.2	105.375	6.68	213	319
LGEN	7.125	Baa2/-/BBB+	500	07/01/2033	6.5	100.55	7.01	242	261
NWG	7.5	Baa3/-/BBB	750	28/02/2032	5.6	102.75	6.91	243	329
NWG	7.625	Baa3/-/BBB	500	30/09/2035	9.2	102.625	7.23	232	297

Hide Details

CreditFlow: End of Day (Europe IG)	Jul 14, 2026

Jul 14, 2026

1 to 1 of 1

	PRICED: Standard Life £350m PerpNC8 RT1; 7.375%	Jul 14, 2026
	ALLOCATIONS OUT: Standard Life £350m PerpNC8 RT1; 7.375%	Jul 14, 2026
	LAUNCHED: Standard Life £350m PerpNC8 RT1; 7.375%	Jul 14, 2026
	UPDATE (BOOKS): Standard Life £350m (WNG) PerpNC8 RT1; 7.875%a	Jul 14, 2026
	NEW ISSUE: Standard Life £350m (WNG) PerpNC8 RT1; 7.875%a	Jul 14, 2026
	MANDATE: Standard Life Inv Calls 13-Jul; Reg S £350m (WNG) PerpNC8yr RT1 Offering May Follow	Jul 13, 2026

1 to 6 of 6

Asset Backed Securities

sector/subsector profiles

High Yield

industry/subindustry profiles

Investment Grade

industry/subindustry profiles

Standard Life PLC (fka Phoenix Group Holdings PLC) (SDLF)

Deal Details

Commentary

Deal Flow