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Commentary & Deal Flow

by Oleksandr Vynychuk

Jul 14, 2026 5:02 AM ET

LAUNCHED: United Kingdom £4.75bn 12yr Sr Unsec; UKTi'37+9.25bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Spread Set	ISIN
United Kingdom	12yr	22-Sep-38	£4.75bn	Sr Unsec	Fixed	UKTi'37+9.25/9.50	UKTi'37+9.25	GB00BMY62Z61

Launched: 12yr: £4.75bn @ UKTi'37+9.25bp - Order book closed in excess of £60bn (including JLM interest of £4.75bn)
Spread set at: 12yr: UKTi'37+9.25bp - Orderbook in excess of £51bn (including JLM interest of £4.0bn)
Book Update: Orderbook in excess of £45bn (including JLM interest of £4.0bn)
IPTs: 12yr: UKTi'37+9.25/9.50bp

Issuer: United Kingdom
LEI: ECTRVYYCEF89VWYS6K36
Rating: Aa3/AA/AA- (Moody's/S&P/Fitch)
Format: Reg S, Registered Form, Fixed Rate Notes
Size: £4.75bn
Current O/S: £9.75bn
Maturity: 22-Sep-38
Expected Settlement Date: 15-Jul-26 (T+1)
Coupon: 1.75% Semi Annual, ACT/ACT
Benchmark: UKTi 1.125% 22-Nov-37 (GB00B1L6W962)
Spread: UKTi 1.125% 22-Nov-37 (GB00B1L6W962) +9.25bps
Denominations: £0.01
Listing: FCA Official List / London Stock Exchange (Main Market)
Governing Law: English Law
Documentation: 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: GB00BMY62Z61
Joint Leads: Barc (B&D/DM), BNPP, NatWest, Nomura
Timing: Today's business. Allocations and pricing to follow.