Commentary & Deal Flow

Reoffer: 29yr: UKT+0.75bp / 93.806 / 5.8168%
Benchmark: 29yr: UKT 4 1/4% Treasury Gilt 7-Dec-55 @ 78.18 / Ref Spot 78.18 / Hedge PX 78.18 / HR 114.5%

29yr: Final orderbook closed in excess of £85bn (including JLM interest of £4bn). Peak book in excess £85bn (including JLM interest of £4bn)

Launched: 29yr: £4.25bn @ UKT+0.75bp - Orderbook closed in excess of £85bn (including JLM interest of £4.0bn)
Spread set at: 29yr: UKT+0.75bp - Orderbook in excess of £78bn (including JLM interest of £4.0bn)
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: £4.25bn
• New O/S: £10.154bn
• 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), Ref Spot 78.18 / Hedge PX 78.18, HR 114.5%
• Final Spread: UKT 4 1/4% Treasury Gilt 7-Dec-55 +0.75bps
• Reoffer: 93.806 / 5.8168%
• 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: PRICED. TOE 12.02 UK. FTT Immediately.