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By Julian Baker
* IPTs for 9yr at UKT1.25% Jul 2027 +110/+115, benchmarksize, tbp today. Exp maturity 29 Mar 2027, legal final 29 Mar2029, pay 29 Mar, EMTN docs, English law, Irish listing, 100k/1kdenoms, Reg S bearer. MWC at MS+20. 50bp coupon step-up postexpected maturity. NatWest is B&D. (9:38am)
Land Securities Capital Markets PLC (ticker: LANDLN), hasmandated Lloyds Bank and NatWest Markets as Global Co-ordinatorsand HSBC, Lloyds Bank, NatWest Markets and Santander as ActiveJoint Bookrunners on its planned Reg S Sterling transaction. Abenchmark sized 9yr Sterling transaction will follow, with thepotential addition of a second tranche which would be asub-benchmark sized tap of the existing 2.399% senior securedbonds due 2029, both subject to market conditions and tenderresults. Any issuance is expected to be rated AA/AA(stable/stable by S&P/Fitch) and will be off Land Securities’Euro Medium Term Note Programme. The proceeds from the issuancewill, together with existing committed liquidity sources, beused to finance concurrent tender offers for its 5.391% bondsdue 2025, 5.396% bonds due 2030 and 5.125% bonds due 2034.Relevant stabilisation regulations including FCA/ICMA willapply. Manufacturer target market (MIFID II product governance)is eligible counterparties and professional clients only (alldistribution channels). No PRIIPs key information document (KID)has been prepared as not available to retail in EEA. Tenderdetails here: http://www.rns-pdf.londonstockexchange.com/rns/9772H_-2018-3-16.pdf(March 16)
