Commentary & Deal Flow

IPTs: 15yr: UKT+105/110a

• Issuer: Clarion Funding PLC
• Issuer LEI: 213800BLOAKXC1BXLJ29
• Borrowers: Clarion Treasury Limited, Clarion Housing Association Limited
• Expected Issue Ratings: A3 / A- / A+ (Moody’s / S&P / Fitch)
• Format: Senior, Secured, Reg S, Bearer, NGN
• Size: £250m WNG
• Settlement: 01-Sep-26 (T+5)
• Expected Maturity: 01-Sep-41
• IPTs: Mid Gilts +105/110bp area
• Benchmark Gilt: UKT 5.25 31-Jan-41
• Coupon: Fixed, Semi-Annual, Act/Act (ICMA)
• Documentation: Note Programme dated 24-Apr-26, £100k + £1k, London Stock Exchange (Main Market), English Law
• Optional Redemption: 3 month Par Call, MWC
• Asset Cover: (i) 1.05x EUV-SH, (ii) 1.15x MV-ST, (iii) charged cash
• Use of Proceeds: Sustainable Bonds. Net proceeds from the issue of the Notes will be used by the Issuer for sustainable purposes and applied in accordance with the Issuer’s Sustainable Housing Finance Framework
• Target Market: UK MiFIR product governance is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary. No EEA PRIIPs key information document (KID) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in EEA or UK.
• ISIN / Common Code: XS3484317659 / 348431765
• Active Bookrunners: Barclays (B&D), ABN AMRO, Lloyds
• Timing: Books open, today’s business
• Marketing: URL: www.netroadshow.com Entry Code: CLARION26 (not case-sensitive) Direct Link: www.netroadshow.com/nrs/home/#!/?show=7f29b5b9
• Advertisement: The Offering Circular is available at https://data.fca.org.uk/artefacts/NSM/FCA/NI-000143768/NI-000143768.pdf and the Final Terms, when published, will be available on the website of the London Stock Exchange