Commentary & Deal Flow

Launched: 4yr: £100m @ SONIA+48bp - Books in excess of £350m (excl. JLM)
Spread set at: 4yr: SONIA+48bp
Guidance: 4yr: SONIA+53a

• Issuer: PRS Finance plc
• Issuer LEI: 2138002JNX4ZKQI8OU17
• Guarantor: The Secretary of State for Housing, Communities and Local Government
• Issue Rating: Aa3 (Moody's)
• Tap Amount: £100,000,000 of which £78,100,000 will be sold and £21,900,000 will be retained (taking the total issuance size to £538,800,000, of which £73,013,000 is retained)
• Accrued Interest on £78.1m: 40 days accrued interest of £364,420.15 in respect of the period from and including 10-Sep-26 up to but excluding the Settlement Date
• Pricing Date (T): 15-Oct-26
• Settlement Date: 20-Oct-26 (T+3)
• Maturity Date: 10-Dec-30, hard bullet
• Coupon: Floating, Compounded Daily SONIA, 17 London Business Days Lag, Quarterly, Act/365 (Fixed)
• Quoted Margin: SONIA + 52 bps
• Guidance: Discount Margin SONIA + 53 Area on YTM basis
• Spread Set: SONIA+48bps (YTM)
• Early Optional Redemption: From (and including) 10-Dec-25 to (and excluding) 10-Dec-26: 102%; From (and including) 10-Dec-26 to (and excluding) 10-Dec-27: 101%; Thereafter to maturity: Par
• Listing: London Stock Exchange (Main Market)
• Governing Law: English Law
• Joint Lead Managers: Barclays, NatWest (B&D), RBC Capital Markets
• Documentation: Issuer’s £3,500,000,000 Guaranteed Secured Bond Programme dated 17-Jun-25
• Form of Bonds: Guaranteed, Senior, Secured, Bearer, NGN, Reg S Temporary Global Bond exchangeable for a Permanent Global Bond
• Denomination: £100k + £1k
• Permanent ISIN: XS3248351564
• Temporary ISIN: XS3542774685 (fungible after 40 days)
• Timing: Books close at 11:30pm LDN
• Programme Memorandum: This communication is an advertisement. The Programme Memorandum dated 17-Jun-25 is available on http://www.rns-pdf.londonstockexchange.com/rns/4228N_1-2025-6-18.pdf