Commentary & Deal Flow

Launched: 5yr: £750m @ G+90bp - Books north of £3bn
IPTs: 5yr: G+110a

• Issuer: Westfield Stratford City Finance No.3 PLC
• Ticker: WSTSTR
• Country: GB
• ISIN: XS3350910199
• Expected Ratings: AAA(sf)/AAA(sf) (S&P/Fitch)
• Format: Senior, Secured, Reg S Registered
• Size: £750m
• Benchmark: UKT 4.125 Mar-31
• Coupon: Fixed, Quarterly, ACT/ACT (ICMA) – to be priced to exact coupon and issued at par
• Expected Maturity: 05-May-31 (5 year)
• Final Maturity: 05-May-36
• Optional Redemption: MWC (@ Relevant Gilt + 15% of bond spread), 1m Par-Call
• Use of Proceeds: Refinancing of existing GBP 750m Fixed-rate Notes (XS2029525693) due Aug-2026
• Global Coordinators: BNPP, BofA (B&D)
• Active Bookrunners: BNPP, BofA (B&D), BBVA, CACIB, GSI
• Docs: Prospectus / GEM Listing / English Law
• Denominations: £100k+£1k
• Marketing: www.netroadshow.com/nrs/home/#!/?show=149e4040 (recommended) OR www.netroadshow.com and enter the entry code: Westfield2026 (not case-sensitive)
• Target Market: Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA
• Stabilisation: FCA / ICMA
• Timing: Books subject at 11.50 UKT.
• Settlement: 05-May-26