Commentary & Deal Flow

Reoffer: 5yr: MS+60bp / 99.576 / 4.220%
Benchmark: 5yr: CT5 @ 99-27¾ / 3.904% / B+31.552 / HR 100%

Books: In excess of US$7.1bn (incl. US$150m JLM)

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
• Issue Size: US$1bn
• Settlement: 30-Apr-26
• Maturity: 30-Apr-31 (5 years)
• Format: Reg S
• Coupon: 4.125% Fixed, Semi-annual, 30/360
• Spread: SOFR MS +60bps
• Reoffer: 99.576 / 4.220% (s.a)
• Benchmark: +31.552 vs CT5 (99-27¾/ 3.904 / HR 100%)
• 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: TOE 16.13 UKT / 17.13 CET - FTT immediately
• Sales into Italy: YES
• Sales into Canada: YES