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Commentary & Deal Flow

Related Issuers

by Oleksandr Vynychuk

Sep 14, 2026 8:57 AM ET

PRICED: CPPIB Capital Inc. £750m 4yr Sr Unsec; SONIA MS+39bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD	ISIN
CPPIB Capital Inc.	4yr	5.125%	22-Oct-30	£750m	Sr Unsec	Fixed	99.74	5.194%	SONIA MS+40a	SONIA MS+39	-1	XS3509679828

Reoffer: 4yr: SONIA MS+39bp / 99.74 / 5.194%
Benchmark: 4yr: UKT 0 ⅜ 22-Oct-30 (MID) @ 83.355% / B+22.3bp / HR 111%

Launched: 4yr: £750m @ SONIA MS+39bp
Guidance: 4yr: SONIA MS+40a

Issuer: CPPIB Capital Inc. (CPPIBC)
Guarantor: Canada Pension Plan Investment Board (CPP Investments)
Rating: Aaa (stable) / AAA (stable) / AAA (stable) (Moody's/S&P/Fitch)
Format: Reg S Registered
Size: £750m
Settle: 21-Sep-26 (T+5)
Maturity: 22-Oct-30
Spread: SONIA MS (A, A/365) + 39bps
Price/Yield: 99.74% / 5.194% Annual / 5.128% Semi-Annual
Gilt Ref: +22.3bps vs UKT 0 ⅜ 22-Oct-30 (MID) (mid @ 83.355%, HR 111%)
Coupon: 5.125%, Annual, ACT/ACT (long first to the 22-Oct-27)
Denoms: £250k + £1k
Docs: Issuer's Debt Issuance Programme
Listing: Euronext Dublin (GEM)
Law: New York
Tgt Mkt: Professional / Eligible Counterparties (all Distribution channels as defined under UK MiFIR / MIFID II)
Leads: BofA / NatWest / RBC CM (B&D/DM) / TD Securities
ISIN: XS3509679828
Timing: Priced. TOE: 13.40 UKT. FTT immediately