Commentary & Deal Flow

Reoffer: 12yr: G+90bp / 99.301
Benchmark: 12yr: UKT 3.75% 29-Jan-38 @ Mid (85.876) 5.434% S/A Yield / Bid (85.841) / HR 108%

12yr: Final books in excess of £670m. Peak book in excess of £800m

Launched: 12yr: £250m @ G+90bp - Books in excess of £800m
IPTs: 12yr: G+105a

• Issuer: Bromford Flagship LiveWest Limited (Ticker: BFLLTD, Country: GB)
• Issuer LEI: 213800GKFIZBLASN3454
• Guarantors: Bromford Housing Association Limited, Merlin Housing Society Limited, Flagship Housing Limited, LiveWest Homes Limited
• Issuer Ratings: A2 (stable) (Moody's) / A+ (stable) (S&P)
• Expected Issue Ratings: A2 (Moody's) / A+ (S&P)
• Format: Senior, Secured, Guaranteed, Reg S, Bearer, Sustainable
• Size: £250m
• Settlement: 1-Oct-26 (T+5)
• Tenor: 12 years
• Maturity: 1-Oct-38
• Re-offer: 99.301 / G+90bps
• Benchmark Gilt: UKT 3.75% 29-Jan-38 @ Mid (85.876) 5.434% S/A Yield / Bid (85.841) / HR 108%
• Coupon: 6.25%, Fixed, Semi-Annual, ACT/ACT (ICMA)
• Documentation: EMTN Programme Admission Particulars, International Securities Market, English Law. The £2bn Guaranteed Secured Note Programme dated 9-Sep-26 is available at Microsoft Word - Final Programme Admission Particulars (BFL Update 2026)(106591492.13)(118777768.1). The Pricing Supplement, when published, will be available on the website of the London Stock Exchange www.londonstockexchange.com
• Denominations: £100k + £1k
• Early Redemption: (1) MWC at Benchmark Gilt + 15% of Re-Offer spread (G+15bps) (2) Mandatory early redemption upon any Guarantor ceasing to be a Registered Provider of Social Housing as set out more fully in the Programme Admission Particulars
• Use of Proceeds: Sustainability Bonds, in accordance with the Issuer's Sustainable Finance Framework. The Framework and SPO do not form part of the offering materials and any offer is made solely on the basis of the Programme Admission Particulars dated 9-Sep-26 and the Pricing Supplement (once available).
• Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the Bonds are not available to retail in the EEA or in the UK
• ISIN: XS3515171232
• Asset Cover Covenant: 105% EUV-SH / 115% MV-ST as further described in the Programme Admission Particulars
• Marketing: https://dealroadshow.finsight.com Entry Code: BFL2026
• Clearing: Euroclear and Clearstream
• Active Bookrunners: HSBC, Lloyds Bank Corporate Markets plc (B&D), RBC Capital Markets
• Selling Restrictions: Regulation S Compliance Category 2, TEFRA D. No sales to EEA or UK retail
• Timing: Priced ToE 14:47 UKT / FTT 15:10 UKT