Commentary & Deal Flow

Reoffer: 12yr: UKTi'37+9.25bp / 96.471 / 2.0792%
Benchmark: 12yr: UKTi 1.125% 22-Nov-37 @ 91.28 / 1.9867% (HR 55%)

Final Books: In excess of £60bn (including JLM interest of £4.75bn). Peak Book: In excess of £60bn.

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
• New Outstanding: £14.5bn
• Settlement Date: 15-Jul-26 (T+1)
• Maturity: 22-Sep-38
• Coupon: 1.75% Semi Annual, ACT/ACT
• Reoffer: 96.471 / 2.0792%
• Benchmark: UKTi 1.125% 22-Nov-37 (GB00B1L6W962) (91.28 / 1.9867%)
• Spread: UKTi 1.125% 22-Nov-37 +9.25bps (HR 55%)
• 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: Priced TOE 11.28 UKT / FTT Immediately