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Commentary & Deal Flow

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by Jp Albin

Jun 24, 2026 11:16 AM ET

PRICED: Saltaire Finance £100m 12.25yr Snr Sec; G+34bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Spread	IPT-PXD
Saltaire Finance	12.25yr	4.815%	06-Dec-36	£100m	Snr Sec	Fixed	97.421	5.137%	G+34	-6

Reoffer: G+34bp / 97.421 / 5.137%
Benchmark: UKT 4.875% Jul-36

Peak book in excess of £300m (incl. £10m JLM)

Launched: £100m @ G+34bp
Guidance: G+35a - Books in excess of £300m (incl. £10m JLM)
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: £100,000,000 (increasing the total issuance to £525,000,000 of which £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
Coupon: 4.815%
Reoffer Price: 97.421
Reoffer Yield: 5.137%
Reoffer Spread: G+34bp
Reference Gilt: UKT 4.875% due Jul-36
Interest Payment: Payable Semi-Annually, 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
Programme Memorandum: https://www.rns-pdf.londonstockexchange.com/rns/7722G_1-2024-3-13.pdf