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Commentary & Deal Flow

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ARA Asset Management Ltd

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PRS Finance PLC

by Anna Tkachenko

May 19, 2026 7:22 AM ET

PRICED: PRS Finance plc £188.8m Dec-30 Tap Snr Sec; SONIA+50

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Guidance	Spread	GDNC-PXD
PRS Finance plc	Dec-30 Tap	FRN	10-Dec-30	£188.8m	Snr Sec	Floating	100.082	SONIA+55a	SONIA+50	-5

Reoffer: Dec-30 Tap: SONIA+50 / 100.082

Final Books: In excess of £650m.

Launched: Dec-30 Tap: £188.8m @ SONIA+50bp - Books in excess of £570m
Guidance: Dec-30 Tap: SONIA+55a

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
Reoffer DM spread: Discount Margin SONIA + 50bps on YTM basis
Reoffer price: 100.082
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: Priced, ToE 12.05LDN. FTT Immediately
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