Commentary & Deal Flow

Launched: 15yr: £9bn @ UKT 4 3/8% Treasury Gilt Jan-2040+6.5bp - Order book closed in excess of £116bn (including JLM interest of £9bn)
Spread set at: UKT Jan-40+6.5bp - Orderbook in excess of £125bn (including JLM interest of £6bn)
Book Update: Orderbook in excess of £108bn (including JLM interest of £6bn)
Guidance: UKT Jan-40+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: £9bn
• Current O/S: £16.25bn
• Maturity: 31-Jan-41
• Expected Settlement Date: 10-Jun-26 (T+1)
• Coupon: 5.25% SA, ACT/ACT 130 days accrued
• Benchmark: UKT 4 3/8% Treasury Gilt Jan-2040 (GB00BQC82D08)
• Denominations: £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
• Schedule: Books open, today’s business. Books to close 09:30 LDN.