Commentary & Deal Flow

Thames Water (Kemble) Finance plc (THAMES) GBP150m (up from GBP100m) Reg S add-on to its 4.625% Reg S sr sec notes due May 19, 2026 (5.5y). NCL (3mo par call). B1/NR/B+ (stable/--/negative). Via BNPP/HSBC/MS (B&D)/RBC joint books. Off the EMTN programme. Semi-annual pay May 19 and Nov 19, starting 05/19/21. English law. List Dublin. Settles 02/03 (T+5). ISIN: XS2258560361. Temporary ISIN XS2294856286.The original GBP250m issue priced 11/11/20. IPT: 100.75. Guidance: 101 area (+/- 0.215).

Priced: 4.625% at 101.125, yield 4.374%. +437bp vs DBR 0.125% 01/30/26.

Books closed at 2:30pm UKT today. UOP: GCP. Biz: drinking water distributor and wastewater-treatment service utility in the UK. HQ: Reading, UK.