Commentary & Deal Flow

IPTs: G+40a

• Issuer: Saltaire Finance plc
• Ticker: SLTFIN
• LEI: 2138005HL9O4VFW2HY47
• Guarantor: The Secretary of State for Housing, Communities and Local Government (formerly The Secretary of State for Levelling Up, Housing and Communities)
• Format: Guaranteed, Senior, Secured, Reg S, Bearer, NGN
• Rating: Aa3 (Moody’s)
• Tap Size: GBP 100,000,000 (increasing the total issuance to GBP 525,000,000 of which GBP 33,000,000 is retained by the Issuer)
• Settlement Date: 01-Jul-26 (T+5)
• Expected Maturity Date: 06-Dec-36
• Legal Maturity Date: 06-Dec-38
• IPTs: Mid Gilts + 40 Area
• Reference Gilt for pricing only: UKT 4.875% due Jul-36
• Coupon: 4.815% Payable Semi-Ann, Act/Act
• Permanent ISIN: XS2953652935
• Temporary ISIN: XS3425663161 (fungible after 40 days)
• Docs: Guaranteed Secured Programme / London listing / 100k+1k / English Law
• Joint Lead Managers: HSBC / NatWest (B&D) / RBC Capital Markets
• Timing: Books Open, Today’s Business
• Programme Memorandum: https://www.rns-pdf.londonstockexchange.com/rns/7722G_1-2024-3-13.pdf