Commentary & Deal Flow

Guidance: Dec-30 Tap: Discount Margin SONIA + 55 Area on YTM basis

• Issuer: PRS Finance plc
• Issuer LEI: 2138002JNX4ZKQI8OU17
• Guarantor: The Secretary of State for Housing, Communities and Local Government
• Issue Rating: Aa3 (Moody’s) (A revision in the UK Sovereign’s rating or its outlook by Moody's could occur as part of its next review scheduled for 22-May-26. As the rating assigned to the Issuer by Moody's is aligned with the rating of UK Sovereign, such a revision would automatically result in a revision of the Issuer's rating)
• Tap Amount: £188,800,000 (taking the total issuance size to £438,800,000, of which £51,113,000 is retained)
• Accrued Interest on £188.8m: 79 days accrued interest of £1,742,304.42 in respect of the period from and including 10-Mar-26 up to but excluding the Settlement Date
• Pricing Date (T): 19-May-26
• Settlement Date: 28-May-26 (T+6)
• Maturity Date: 10-Dec-30, hard bullet
• Coupon: Floating, Compounded Daily SONIA, 17 London Business Days Lag, Quarterly, Act/365 (Fixed)
• Quoted Margin: SONIA + 52 bps
• Guidance: Discount Margin SONIA + 55 Area on YTM basis
• Early Optional Redemption: From (and including) 10-Dec-25 to (and excluding) 10-Dec-26: 102%; From (and including) 10-Dec-26 to (and excluding) 10-Dec-27: 101%; Thereafter to maturity: Par
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Joint Lead Managers: Barclays, NatWest (B&D), RBC Capital Markets
• Documentation: Issuer’s £3,500,000,000 Guaranteed Secured Bond Programme dated 17-Jun-25
• Form of Bonds: Guaranteed, Senior, Secured, Bearer, NGN, Reg S Temporary Global Bond exchangeable for a Permanent Global Bond
• Denomination: £100k + £1k
• Permanent ISIN: XS3248351564
• Temporary ISIN: XS3386694619 (fungible after 40 days)
• Timing: Books open; Today’s business
• Programme Memorandum: This communication is an advertisement. The Programme Memorandum dated 17-Jun-25 is available on http://www.rns-pdf.londonstockexchange.com/rns/4228N_1-2025-6-18.pdf