Commentary & Deal Flow

Reoffer: 5yr: G+90bp / 100 / 5.124%
Benchmark: UKT 4.125% 31-Mar-31 @ 99.42 / HR 100%

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
• Settlement: 05-May-26
• Expected Maturity: 05-May-31 (5 year)
• Final Maturity: 05-May-36
• Reoffer: 100 / G+90bp
• Reoffer Yield: 5.124% (quarterly)
• Coupon: 5.124% Fixed, Quarterly, ACT/ACT (ICMA)
• Optional Redemption: MWC (@ G+15bps), 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
• Covenants: As per Prospectus
• 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: PRICED. TOE: 13.50 UKT / FTT: 14.30 UKT