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Commentary & Deal Flow

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by Jp Albin

May 05, 2026 4:28 AM ET

NEW ISSUE: SW Finance I £ bmk 8.5yr Snr Sec; UKT+215a

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	IPT
SW Finance I	8.5yr	14-Nov-34	bmk	Snr Sec	Fixed	UKT+215a

IPTs: 8.5yr: UKT+215a

Issuer: SW Finance I PLC (SWSFIN)
Guarantors: Southern Water Services Ltd, SWS Holdings Ltd, SW Finance II Ltd and SWS Group Holdings Ltd
Expected Issue Ratings: Ba1/BBB-/BBB- (Moody's/S&P/Fitch)
Format: Reg S, Bearer, Senior Secured, Class A
Par Call: 3-month par call
Use of Proceeds: GCP, including payment of the consideration for the proposed tender of the issuer's existing notes (ISIN: XS2325617939)
Settlement: 14-May-26
Denominations: £100k x £1k
ISIN: XS3368929702
Bookrunners: Lloyds (B&D), MS, NatWest
Optional Redemption: Redeemable at (i) par on or after 3 months prior to the Maturity Date or (ii) Make Whole at Gilts + 15% of re-offer spread
Target Market: Eligible counterparties and professional clients only (all distribution channels)
Coupon: Semi-annual, act/act ICMA