Commentary & Deal Flow

Reoffer: 10yr: UKT+8.5bp / 99.68 / 4.9158%
Benchmark: UKT 4.75% 22-Oct-35 +8.5bps

Final Books: Orderbook closed in excess of £148bn (including JLM interest of £10.8bn)

Launched: 10yr: £15bn @ UKT+8.5bp - Orderbook closed in excess of £148bn (including JLM interest of £10.8bn)
Spread set at: 10yr: UKT+8.5bp - Orderbook in excess of £138bn (including JLM interest of £10.8bn)
Book Update: Orderbook in excess of £120bn (including JLM interest of £10.8bn)
Guidance: 10yr: UKT+8.5/9.0bp

• Issuer: United Kingdom
• LEI: ECTRVYYCEF89VWYS6K36
• Rating: Aa3/AA/AA- (Moody's/S&P/Fitch)
• Format: Reg S, Registered Form, Fixed Rate Notes
• Size: £15bn
• Maturity: 31-Jul-36
• Expected Settlement Date: 15-Apr-26 (T+1)
• Coupon: 4.875% SA, ACT/ACT, short first on 31-Jul-26
• Benchmark: UKT 4 3/4% Treasury Gilt 22-Oct-35 (GB00BTXS1K06) Ref Spot 99.39% / 4.8308% / Hedge PX 99.390%, HR 106%
• Final Spread: UKT 4 3/4% Treasury Gilt 22-Oct-35 +8.5bps
• ReOffer: 99.68% / 4.9158%
• Denoms: £0.01
• Listing: FCA Official List / London Stock Exchange (Main Market)
• Law: English Law
• Docs: Issuer’s Stand-Alone Documentation
• Target Market: UK MiFIR Eligible counterparties, Professional clients, and retail clients only (all distribution channels) MIFID II Eligible counterparties and professional clients (all distribution channels)
• ISIN: GB00BWBR1N39
• Joint Leads: BofA, GSIB, HSBC, MS(DM/B&D), Santander, UBS
• Timing: PRICED. TOE 11.50h UK. FTT Immediately