Commentary & Deal Flow

Reoffer: 5yr: SONIA MS+45bp / 99.741 / 4.559%
Benchmark: 5yr: UKT 0.25 31-Jul-31 @ 81.917 / B+25.0bp / HR 111%

Final Books: In excess of £1.3bn (incl. £50m JLM)

Launched: 5yr: £600m @ SONIA MS+45bp - Books closed in excess of £1.3bn (incl. £50m JLM)
Spread set at: 5yr: SONIA MS+45bp - Books in excess of £1.2bn (incl. £50m JLM)
Guidance: 5yr: SONIA MS+47a

• Issuer: PSP Capital Inc.
• Ticker: PSPCAP
• Expected Issue Ratings: Aaa/AAA/AAA (Moody's/S&P/DBRS)
• Guarantor: Wholly owned and debt outstanding guaranteed by the Public Sector Pension Investment Board (PSP Investments), a Canadian federal Crown corporation 100% owned by the Government of Canada
• Format: Reg S (Cat. 2)
• Size: £600m
• Settlement Date: 14-Jul-26 (T+5)
• Maturity: 14-Jul-31
• Coupon: 4.500%, Annual, ACT/ACT ICMA
• Reoffer: 99.741 / 4.559% (Ann.) / 4.508% (S/A) / SONIA MS (A, A/365) + 45bps
• Reference Gilt: UKT 0.25 31-Jul-31 @ 81.917 (MID) / 81.902 (BID) / +25.0bps / HR 111%
• Listing: Euronext Dublin (GEM)
• Governing Law: New York
• Target Market: The manufacturer target markets (MiFID II and UK MiFIR product governance) are eligible counterparties and professional clients only (all distribution channels).
• Denominations: £250k + £1k
• Docs: Issuer’s Debt Issuance Programme (DIP)
• Joint Bookrunners: Barc / BMO / HSBC / RBCCM (DM/B&D)
• ISIN: XS3439216246
• Timing: PRICED. TOE 14.44 UKT. FTT Immediately
• Advertisement: The Offering Memorandum in relation to the Issuer’s DIP is available at https://www.ise.ie/