Commentary & Deal Flow

Final book at reoffer > €2.65bn. Peak book in excess of €3.1bn.

Launched: 10yr: €700m @ MS+138bp - Book in excess of €3.1bn
IPTs: 10yr: MS+170bp area

• Issuer: Anglian Water Services Financing Plc (Ticker: AWLN / Country: GB)
• Issuer LEI: 213800DL377MH46PDY63
• Obligors: Anglian Water Services Limited, Anglian Water Services UK Parent Co Limited and Anglian Water Services Holdings Limited
• Issuer Ratings (Moody’s / Fitch): Baa1 / A- (stable / stable)
• Exp. Issue Rating (Moody’s / Fitch): Baa1 / A-
• Status: Senior, Secured
• Format: Reg S, Bearer, Green, New Global Note (NGN)
• Currency: Euros (“EUR”)
• Tenor: 10Y
• Size: €700m
• Settlement date: 23-Jun-26 (T+5)
• Maturity date: 23-Jun-36
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Benchmark: DBR 2.9% Feb-36 (HR 95%)
• Early redemption: MWC, 3-month Par Call
• Documentation: As per the Issuer’s Global Secured Medium Term Note Programme (Prospectus dated 09-Oct-25 (the “Prospectus”), as supplemented on 02-Mar-26, 06-Mar-26 and 10-Jun-26)
• Denominations: €100k + €1k
• Listing: London Stock Exchange, Regulated Market
• Clearing: Euroclear / Clearstream, Luxembourg
• Use of Proceeds: An amount equal to the net proceeds will be used to finance and/or refinance eligible green projects as defined by Anglian Water's Sustainable Finance Framework.
• Framework/SPO: The Sustainable Finance Framework can be found at: https://www.anglianwatergroup.co.uk/sustainability/sustainable-finance. The SPO can be found at: https://cdn.prod.website-files.com/66755bfa6f4f739e5b6828fb/68398cc6ce0ed363f6e5b026_292.%2520sustainable-finance-framework-assessment-2024.pdf. The Framework and SPO does not form part of the offering materials and any offer is made solely on the basis of the Prospectus documentation and the Final Terms.
• Target Market: Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only. No EU PRIIPs key information document( (KID) or CCI product summary has been prepared as not available to retail in the EEA or in the UK.
• Marketing: DealRoadshow presentation with voice-over is available at: https://dealroadshow.com/e/ANGLIAN26
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129, the Public Offers and Admissions to Trading Regulations 2024 and Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. The GMTN prospectus and any supplements are available at https://www.anglianwatergroup.co.uk/debt-investors/reports-prospectuses-and-certificates. The final terms (when published) will be available at www.londonstockexchange.com.
• Selling Restrictions: As set out in “Subscription and Sale” in the Prospectus US Regulation S, Category 2, TEFRA D
• Active Bookrunners: Barclays, ING, J.P. Morgan (B&D), NatWest
• ESG Structuring Coordinator: ING
• ISIN / CUSIP: XS3413969059 / 341396905
• Timing: Books open, today’s business
• Hedge deadline: 14:40 UKT / 15:40 CET
• Books Subject: 12:00 LDN / 13:00 CET