Commentary & Deal Flow

Reoffer: 6yr: SONIA MS+51bp / 99.903 / 4.719%
Benchmark: 6yr: UKT 4.250% 09-Jun-32 @ 99.053 / B+23.4bp / HR 101%

Final Books: In excess of £2.5bn (incl. £200m JLM)

Launched: 6yr: £1bn @ SONIA MS+51bp - Books in excess of £2.5bn (incl. £200m JLM)
Spread set at: 6yr: SONIA MS+51bp - Books in excess of £1.9bn (incl. £200m JLM)
IPTs: 6yr: SONIA MS+54bp area

• Issuer: Province of British Columbia (Ticker: BRCOL)
• Issuer Ratings: Aa2/AA/AA-/A (Moody's/DBRS/Fitch/S&P)
• Format: Reg S, Bearer Notes, NGN
• Size: £1bn
• Maturity Date: 09-Jun-32 (6 years)
• Settlement: 09-Jun-26 (T+5)
• Coupon: 4.700%, Fixed, Ann. ACT/ACT
• Spread: SONIA MS (A, A/365) + 51 bps
• Price / Yield: 99.903 / 4.719% Annual / 4.665% Semi
• Gilt ref: +23.4 bps vs UKT 4.250% 09-Jun-32 MID (mid @ 99.053, bid 99.068; HR 101%)
• Denominations: £100,000 + £1,000
• Bookrunners: Barclays/HSBC/Scotiabank (B&D)
• Listing: Luxembourg (Euro MTF Market)
• Docs: Issuer’s Euro Debt Issuance Programme
• ISIN: XS3402723400
• Governing Law: Province of British Columbia/Canada
• Timing: PRICED. TOE: 14:12 UKT. FTT: Immediately.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Final Prospectus, when published, will be available at https://www.luxse.com/issuer/BritishColumbia/27848
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professionals only (all distribution channels)
• Notes: Reference Gilt spread was vs mid Gilts mark but hedges were executed vs the DM traders bid side