Commentary & Deal Flow

Final Books £3.35bn. Peak book north of £3bn

Launched: 5yr: £750m @ G+90bp
IPTs: 5yr: G+110a

• Issuer: Westfield Stratford City Finance No.3 PLC
• Ticker: WSTSTR
• Country: GB
• ISIN: XS3350910199
• Expected Issue Ratings: AAA(sf)/AAA(sf) (S&P/Fitch)
• Format: Senior, Secured, Reg S Registered
• Size: £750m
• Benchmark: UKT 4.125% 31-Mar-31 / HR 100%
• 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-26
• 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
• Hedge Deadline: 13.40 UKT
• Settlement: 05-May-26