| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | FNCL | PRCD | SHAWLN | Shawbrook Group PLC | £250 | 1 | EMEA | Apr 28, 2026 |
Comps | ||||||||
Issuer | Coupon | Call Date | Years | Amount (mn) | YTC | UKT+ | Reset Spread | Rating (M/S/F) |
OSBLN | 7.75% | May-31 | 5.0 | 150 | 7.98% | 367 | 380 | Ba2/-/BB- |
PAGLN | 7.50% | Aug-33 | 7.3 | 150 | 8.13% | 351 | 320 | Ba2/-/BB |
BACR | 8.38% | Mar-32 | 5.8 | 1000 | 7.12% | 281 | 469 | Ba1/BB+/BBB- |
NWG | 7.50% | Aug-32 | 6.3 | 750 | 7.05% | 256 | 329 | Baa3/-/BBB |
PerpNC5 Sub @ IPTs of 8.75% area
Implied level for a fresh PerpNC too broad to call.
Best “Comps” as a starting point would be the likes of Barclays, Lloyds & NatWest
Samples include:
Barclays 8.375% Perp from last year (Ba1/BB+/BBB-) Callable Sept 2031. Yielding 7.12%
Lloyds 5.625% Sub 10NC5 from April (Baa1/BBB+/A-) Callable Sept 2031. Yielding 5.912%
Large premium required for Shawbrook with no senior corporate ratings or senior outstandings.
Priced at *******