Commentary & Deal Flow

Launched: 5yr: US$1bn @ MS+60bp - Books in excess of US$7.1bn (incl. US$150m JLM)
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
• Size: US$1bn
• Launched: SOFR MS +60 bps
• 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 to close at 10.50am UKT / 11.50 CET
• Sales into Italy: YES
• Sales into Canada: YES