Commentary & Deal Flow

Reoffer: 15yr: UKT Jan-40+6.5bp / 99.033 / 5.3454%
Benchmark: UKT 4 3/8% Treasury Gilt Jan-2040 @ 91.27 / 5.2804% (HR 110%)

Final Books: In excess of £116bn (including JLM interest of £9bn). Peak book in excess of £125bn (including JLM interest of £6bn).

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 (tap)
• New O/S: £25.25bn
• Maturity: 31-Jan-41
• Expected Settlement Date: 10-Jun-26 (T+1)
• Coupon: 5.25% SA, ACT/ACT, 130 days accrued
• Spread: UKT 4 3/8% Treasury Gilt Jan-2040 +6.5bps
• Reoffer: 99.033 / 5.3454%
• Benchmark: UKT 4 3/8% Treasury Gilt Jan-2040 (GB00BQC82D08), Ref Spot 91.27 / 5.2804%, Hedge at 91.27 (HR 110%)
• 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
• Timing: Priced TOE 11.38 LDN / FTT Immediately