Commentary & Deal Flow

IPTs: 15yr: G+6.5/6.75bp

• Issuer: United Kingdom
• LEI: ECTRVYYCEF89VWYS6K36
• Rating: Aa3/AA/AA- (Moody's/S&P/Fitch)
• Format: Reg S, Registered Form, Fixed Rate Notes
• Size: £ Benchmark
• Current O/S: £16.25bn
• Maturity: 31-Jan-41
• Expected Settlement Date: 10-Jun-26 (T+1)
• Coupon: 5.250% SA, ACT/ACT 130 days accrued
• Benchmark: UKT 4 3/8% Treasury Gilt Jan-2040 (GB00BQC82D08)
• Price Guidance: UKT 4 3/8% Treasury Gilt Jan-2040 +6.5 / +6.75bps
• Denoms: £0.01
• Listing: FCA Official List / London Stock Exchange (Main Market)
• Law: English Law
• Docs: Issuer’s Stand-Alone Documentation
• Target Market: UK MiFIR Eligible counterparties, Professional clients, and retail clients only (all distribution channels) MIFID II Eligible counterparties and professional clients (all distribution channels)
• ISIN: GB00BVP99897
• Joint Leads: Citi, DB (B&D/DM), JPM, RBC CM, Lloyds
• Timing: Books open, today’s business