Book size: 950; First Pay: 2026-05-15; Registration: Reg S Only; Comments: GBP500m NG 5yr frn cpn SONIA+48 at 100. Spread: SONIA+48bps. LEI: O8VR8MK4M5SM9ZVEFS35;
Deal Comments
Reoffer: 5yr: SONIA+48bp / 100
Final Books: £950m+ (incl. £75m JLM)
Launched: 5yr: £500m @ SONIA+48bp - Books £1bn+ (incl. £75m JLM)
Guidance: 5yr: SONIA+53a
Issuer: Leeds Building Society
LEI: O8VR8MK4M5SM9ZVEFS35
Ticker: LEED
Guarantor: Leeds Building Society Covered Bonds LLP
Form of Notes: Reg S / TEFRA D / Bearer / New Global Covered Bonds Format
Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
Size: £500m
Pricing Date: 16-Mar-26
Settlement Date: 23-Mar-26 (T+5)
Final Maturity Date: 15-Feb-31 (5 years, soft bullet)
Coupon: Floating, Compounded Daily SONIA, 5 LBD Lag, Quarterly, Act/365 (Fixed), short first coupon. Bloomberg Screen Page SONIO/N Index
Interest Payment Dates: 15th day of each February, May, August and November from, and including, 15-May-26 (short first interest period) to, and including, the Final Maturity Date
Reoffer Spread: SONIA +48
Reoffer Price: 100
Denomination: £100k + £1k
Listing / Governing Law: London Stock Exchange (Main Market) / English
Documentation: Base prospectus of Leeds Building Society’s €7bn Global Covered Bond Programme dated 8-Jan-26, as supplemented on 2-Mar-26
Joint Lead Managers: Barclays, BMO Capital Markets, HSBC, NatWest and Nomura (B&D)
Fee: The JLMs will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
ISIN: XS3305148689 / 330514868
Timing: Priced, ToE 13:55 LDN, FTT 14:15 LDN