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Commentary & Deal Flow

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by Jp Albin

Apr 21, 2026 3:19 AM ET

GUIDANCE: Metropolitan Government US$1bn (WNG) 5yr Sr Unsec; MS+64a

IGC APAC Market: Deal Flow - SSAIGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance	ISIN
Metropolitan Government	5yr	30-Apr-31	US$1bn (WNG)	Sr Unsec	Fixed	MS+67a	MS+64a	XS3327917962

Guidance: 5yr: MS+64a - IOIs in excess of US$3.6bn (incl. US$150m JLM)

IPTs: 5yr: MS+67a

Issuer: Metropolitan Government (TOKYO)
Ranking: Senior, unsecured
Issuer Ratings: A+ (stable, Stand-Alone Credit Profile: aa+) by S&P
Issue Size: US$1bn (no grow)
Guidance: SOFR MS +64bp area (Currently CT5 (T 3.875% 31-Mar-31) + 36.4bps)
Settlement: 30-Apr-26
Maturity: 30-Apr-31 (5 years)
Format: Reg S
Coupon: Fixed, Semi-annual, 30/360
Listing: The Main Market of the London Stock Exchange and the TOKYO PRO-BOND Market of the Tokyo Stock Exchange Listing
Denoms: US$200k x US$2k
Bookrunners: Barclays / CACIB / Morgan Stanley / Daiwa (B&D)
ISIN: XS3327917962
Target Market: EU MiFID and UK MiFIR Professionals/Eligible Counterparties
Timing: Books open, today's business
Sales into Italy: YES
Sales into Canada: YES