Commentary & Deal Flow

Heathrow Finance plc (HTHROW) GBP350m Reg S only sr sec notes due 03/01/31 (7y). NCL (MWC G+50bp). (3m par call). (Expect B1)/NR//BB+ (stable/--/stable). Via Barc (B&D)/BofA/ICBC/JPM/MS jt physical books and jt glocos/GS/SocGen /CA jt passive books. List LSE. English law. Pays March 01 and Sept 01, starting 09/01/24. ISIN: XS2782148261. Virtual roadshow today (JPM logistics) (investor call at 10:15am UKT today). Books close at 10am UKT tomorrow. Pricing tomorrow. UOP: GCP. Privately owned by: Ferrovial S.A., Qatar Holding LLC, Caisse de dépôt et placement du Québec, the Government of Singapore Investment Corporation, Australian Retirement Trust, China Investment Corporation and Universities Superannuation Scheme. Biz: holding company of Heathrow airport, Europe's busiest airport and fourth busiest airport globally. HQ: Hounslow, UK.