Commentary & Deal Flow

Book update: Orderbook in excess of £58bn (including JLM interest of £4.0bn)

Guidance: 29yr: UKT+0.75/1.00bp

• Issuer: United Kingdom
• LEI: ECTRVYYCEF89VWYS6K36
• Rating: Aa3 / AA / AA- (stab, stab, stab)
• Format: Reg S, Registered Form, Fixed Rate Notes
• Tap Size: £ Benchmark
• Current O/S: £5.9bn
• Maturity: 31-Jan-56
• Expected Settlement Date: 9-Sep-26 (T+1)
• Coupon: 5 3/8% SA, ACT/ACT
• Benchmark: UKT 4 1/4% Treasury Gilt 7-Dec-55 (GB00B06YGN05)
• Price Guidance: UKT 4 1/4% Treasury Gilt 7-Dec-55 +0.75/+1.00bps
• Denoms: £0.01
• Listing: FCA Official List / London Stock Exchange (Main Market)
• Law: English Law
• Docs: 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: GB00BT7J0241
• Joint Leads: BofA / GSIB / JPM(DM/B&D) / Santander / UBS
• Timing: Books open, today’s business.