Commentary & Deal Flow

Reoffer: 8yr: SARON MS+113 / 100 / 1.6497%
Benchmark: 8yr: Govt. +129bp

• Issuer: Heathrow Funding Limited (Ticker: HTHROW)
• Obligors: Heathrow Airport Limited, Heathrow (AH) Limited, Heathrow (SP) Limited and Heathrow Express Operating Company Limited
• Issuer Domicile: Jersey
• Domestic / Foreign: Foreign
• Format: Public Fixed Rate Bond
• Ranking: Class A Bonds (Secured)
• Issuer Rating: S&P BBB+ (st.), Fitch A- (st.)
• Instrument Rating (exp.): S&P BBB+, Fitch A-
• Size: CHF 205m
• Coupon: 1.6497% p.a. (first short)
• Life: 7y 358d
• Payment Date: 07-May-26
• Scheduled Redemption Date: 05-May-34
• Maturity Date: 05-May-36
• Issue Price: 100.000%
• Spread / Yield: SARON MS +113bps // YTM 1.6497% // Govt. +129bps
• ISIN / Valor: CH1538715306 / 153'871'530
• Interest basis for period from Scheduled Redemption Date to Final Maturity: Compounded SARON + 4% percent per annum Floating Rate payable annually in arrears on each Interest Payment Date; minimum interest rate of 0%; actual/360; modified following, adjusted
• Lead Manager(s): BNP Paribas, UBS, Mizuho (JLNB)
• Listing: SIX Swiss Exchange as of 06-May-26
• SNB Repoeligibility: At the discretion of the SNB, expected no
• Documentation: Base Prospectus dated 19-Dec-25 in respect of the multicurrency programme for the issuance of bonds, as supplemented on 02-Mar-26 and 02-Apr-26
• Governing Law: English law / Courts of England
• FINSA Prospectus: Yes, delayed in accordance with art. 51 para. 2 Finsa
• Covenants: PP
• Min. Denomination: CHF 5,000 and integral multiples thereof
• Sales Restrictions: UK, the EEA, the United States, Japan, Singapore, Hong Kong, Sweden, Mexico and such other restrictions as may be required in connection with the offering and sale of a particular Sub-Class of Bonds. See “Subscription and Sale” in the Base Prospectus. Offer to the public in Switzerland only.
• Target Market: The manufacturer target market (MiFID II / MiFIR Product Governance) is eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions.