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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
COMM
PRCD
BRITEL
BT Finance PLC€850
1EMEA
May 26, 2026
currency
EUR
size (m)
850.000
maturity
Jun 2, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa2
s&p
BBB
fitch
BBB
size description
-
re-open/tap
No
ipt
MS+130 area
ipt-pxd
-35
guidance
n/a - straight to launch
spread
95
coupon
3.875%
spread set
-
price
99.95300
yield
3.882%
book size (m)
2,400
peak book (m)
3,400
x-covered
2.82
book attrition
-29.41%
nic
-1.5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,400
peak book (m)
3,400
x-covered
2.82
book attrition
-29.41%
nic
-1.5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2400; Registration: Reg S Only; Comments: 101.2bps vs DBR 2.2% 02/15/34 @95.413 HR: 101%. MWC: B+20. CoC: 100%. LEI: 64882D4OUTP2YP126091;
Guarantor(s)
British Telecommunications PLC, BT Group PLC
Use of Proceeds
General Сorporate Purposes
Relative Value

Senior

8 year Long 7 year (Aug 2033) @ MS+60 area

Implied Spread for fresh Aug 2033 @ +55.5

Priced at MS +54

NIC of -1.5


COMPS

Ticker

Currency

Coupon

Rating

Size

Issue Date

Maturity

Maturity (Years)

I-Spread (Bid)

BRITEL

EUR

3.75

Baa2/BBB/BBB

800

Feb-23

May-31

5

64

BRITEL

EUR

3.125

Baa2/BBB/BBB

850

Feb-25

Feb-32

5.7

74

BRITEL

EUR

3.375

Baa2/BBB/BBB

500

Aug-22

Aug-32

6.3

76

BRITEL

EUR

3.375

Baa2/BBB/BBB

850

Nov-25

Nov-32

6.5

81

BRITEL

EUR

4.25

Baa2/BBB/BBB

850

Sep-23

Jan-33

6.6

83

BRITEL

EUR

3.875

Baa2/BBB/BBB

895

Jun-24

Jan-34

7.7

91

BRITEL

EUR

3.75

Baa2/BBB/BBB

700

Jun-25

Jan-35

8.6

96

 

 

 

 

 

 

 

 

 

DT

EUR

3.375

A3/A-/BBB+

750

Apr-26

Apr-33

6.9

59

DT

EUR

3.25

A3/A-/BBB+

850

Dec-24

Jun-35

9

63

ORAFP

EUR

3.5

Baa1/BBB+/BBB+

1375

Nov-25

Nov-34

8.5

81

ORAFP

EUR

3.5

Baa1/BBB+/BBB+

750

May-25

May-35

9

81

SCMNVX

EUR

3.125

A2/A-/-

500

May-25

May-32

6

55

SCMNVX

EUR

3.25

A2/A-/-

500

Sep-24

Sep-34

8.3

63

SCMNVX

EUR

3.625

A2/A-/-

500

May-26

May-35

9

67

TELEFO

EUR

3.707

Baa3/BBB-/BBB

1000

Feb-26

May-33

6.9

100

TELEFO

EUR

4.183

Baa3/BBB-/BBB

850

Nov-23

Nov-33

7.5

102

TELEFO

EUR

3.724

Baa3/BBB-/BBB

1000

Jan-25

Jan-34

7.7

108

TELEFO

EUR

4.353

Baa3/BBB-/BBB

750

May-26

Nov-34

8.5

115

VOD

EUR

3.375

Baa2/BBB/BBB

600

Jul-25

Jul-33

7.1

79

VOD

EUR

3.375

Baa2/BBB/BBB

600

Aug-24

Aug-33

7.2

81

VOD

EUR

3.5

Baa2/BBB/BBB

500

Feb-26

Apr-35

8.9

92