London Stock Exchange Group plc £ 3-year bond
Summary by AI BETAClose X
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, OR INTO OR WITHIN THE UNITED STATES, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO EEA RETAIL INVESTORS (IN ACCORDANCE WITH THE “PROHIBITION OF SALES TO EEA RETAIL INVESTORS” SECTION BELOW). PLEASE SEE THE “IMPORTANT NOTICE” SECTION AT THE END OF THIS ANNOUNCEMENT.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS – This announcement, and the information contained herein, is not for release, publication or distribution, directly or indirectly, in whole or in part to any retail investor in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes (as defined below) or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
THIS ANNOUNCEMENT, WHICH IS AN ADVERTISEMENT, AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (“FSMA”) AND HAS BEEN APPROVED BY MAREX FINANCIAL, WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (THE “FCA”) (FRN 442767).
9 November 2026
MANDATE: London Stock Exchange Group plc £benchmark size Fixed Rate Plain Vanilla Listed Bond (“PVLB”) 3 year
London Stock Exchange Group plc (“LSEG plc”), rated A (stable) by S&P and A3 (positive) by Moody’s, has mandated Barclays, HSBC, Lloyds Bank Corporate Markets plc (“Lloyds”), NatWest and RBC Capital Markets as Joint Lead Managers (the “Joint Lead Managers”) in connection with a benchmark Sterling transaction. Lloyds has been appointed as the PVLB Co-ordinator. Winterflood, a division of Marex Financial (“Winterflood”), has been appointed as a Retail Distributor and as Financial Promotions Approver, and Retail Book Limited (“RetailBook”) has been appointed as a Retail Distributor (together, the “Retail Distributors”).
- A GBP-denominated, Reg S, registered, senior unsecured, fixed rate 3 year benchmark transaction (the “Notes”) issued by LSEG Finance plc (the “Issuer”) and unconditionally and irrevocably guaranteed by LSEG plc may follow, subject to market conditions.
- The Notes are expected to be issued under the £10bn Euro Medium Term Note Programme of LSEG plc, LSEG Finance plc, LSEG Netherlands B.V. and LSEG US Fin Corp. (the “Programme”).
- Denomination of Notes: £1,000 and integral multiples of £1,000 in excess thereof.
- Format: intended to qualify as a PVLB.
- Further details: including initial pricing and timing of book opening, will be announced in due course.
- Target Market: Eligible counterparties, professional clients (all distribution channels) and UK retail investors (all distribution channels via FCA authorised entities only, subject to the distributor’s suitability and appropriateness obligations under the FCA Handbook Conduct of Business Sourcebook, as applicable).
- Bookbuild process and Pricing: The interest rate, issue price and yield of the Notes will be determined following a syndicated bookbuild process.
- Prospectus: The Offering Circular dated 19 March 2026 (as supplemented by the supplement to the Offering Circular dated 5 November 2026) in relation to the Programme (the “Offering Circular”) has been approved by the FCA pursuant to the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (“PRM”). The final terms relating to the Notes (the “Final Terms”) complete the Offering Circular with regard to the terms of the Notes and will be published before the Notes are admitted to trading. Any investment decision should be made solely on the basis of the Offering Circular and the Final Terms. The Offering Circular is available and the Final Terms, once published, will be available via LSEG plc’s main website, which is:
https://www.lseg.com/en/investor-relations/emtn
On 16 April 2026, LSEG plc announced that it had received consent from the bondholders of three of its outstanding Sterling bonds (covering approximately £1.4 billion) to:
- Reduce minimum denominations to £1,000.
- Update the documentation so the bonds qualify as Plain Vanilla Listed Bonds.
- Enable holdings through CREST Depository Interests (CDIs), allowing settlement via CREST.
For information purposes only, the table below provides factual information on the three bonds. The market prices and yields to maturity reflect secondary market levels observed at the close of business on 6 November 2026 as sourced from the respective links in the table below. Prices are mid-prices expressed per £100 in principal amount, and yields to maturity are calculated using those mid-prices. The prices and yields an investor may observe may differ from those shown.
The secondary market prices and yields of these bonds are not a reliable indicator of their future prices or yields and are not an indication of the issue price, interest rate or yield of the Notes, which will be determined following the bookbuild process described above.
Yield to maturity (YTM) is the annualised rate of return an investor would earn by purchasing a bond at its current market price and holding it until maturity, assuming all contractual coupon and principal payments are made in full and on time.
|
Bond |
ISIN |
Closing mid-price (per £100 nominal) |
Yield to maturity (YTM) |
|
LSEG Finance plc 4.500% 2028 |
XS3182450372 |
£98.60 |
5.21% |
|
https://www.londonstockexchange.com/en/quote/bonds/XN10/lseg-finance-plc |
|||
|
LSEG plc 1.625% 2030 |
XS2327297672 |
£89.075 |
5.14% |
|
https://www.londonstockexchange.com/en/quote/bonds/YX37/london-stock-exchange-group-plc
|
|||
|
LSEG Finance plc 4.875% 2032 |
XS3182450539 |
£96.025 |
5.61% |
|
https://www.londonstockexchange.com/en/quote/bonds/XW28/lseg-finance-plc |
|||
- Retail Distribution: The offer of Notes will be made in reliance on the exemption from the prohibition on offers to the public in paragraph 6(a) of Part 1 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024 (the “POATRs”) and such offer is conditional on the Notes being admitted to trading on the London Stock Exchange plc’s Main Market. Winterflood is acting as a Retail Distributor and as Financial Promotions Approver, and RetailBook is acting as a Retail Distributor. Marex Financial is incorporated under the laws of England and Wales (company no. 5613061 and VAT registration no. GB 872 8106 13) and is authorised and regulated by the Financial Conduct Authority (FCA registration number 442767). Marex Financial’s registered address is at 155 Bishopsgate, London, EC2M 3TQ, UK. Retail Book is incorporated under the laws of England and Wales (company no. 14087330) and is authorised and regulated by the Financial Conduct Authority (FCA registration number 994238). RetailBook’s registered address is at 10 Queen Street Place, London, EC4R 1AG, UK. As Retail Distributors, Winterflood and RetailBook will aggregate orders for the Notes from UK retail intermediaries. Each UK retail intermediary may be allocated some, all or none of the Notes for which it applies, at the discretion of the Issuer and LSEG plc. The Notes will be made available to UK retail intermediaries via the Winterflood Retail Access Platform (“WRAP”) and via RetailBook’s partner network of retail brokers, wealth managers and investment platforms, (subject to such partners’ participation). More information on RetailBook’s partner network and how investors can participate in the PVLB can be found here: https://app.retailbook.com/offers/LSEG-Bond. Individual UK retail investors wishing to participate should contact their usual investment broker or intermediary.
- Risk Factors: Investing carries risks. The value of investments and the income from them may fluctuate and investors may not get back the full amount invested. Tax treatment depends on individual circumstances and may be subject to change in the future. This communication does not take into account the investment objectives or financial situation of any particular person. Recipients should obtain advice based on their own individual circumstances from their own advisers. The Notes are not protected by the Financial Services Compensation Scheme. If the Issuer or LSEG plc were to become insolvent, investors could lose some or all of their investment. Potential investors must read the Offering Circular (including the section entitled “Risk Factors”) before making an investment decision in order to understand the potential risks associated with the decision to invest in the Notes.
- Retail intermediaries wishing to participate in this retail offer should contact Winterflood at wrap@marex.com (020 3100 0213) or RetailBook at capitalmarkets@retailbook.com.
IMPORTANT NOTICE
This announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities.
This announcement is an advertisement and not a prospectus for the purposes of the PRM made in accordance with the POATRs. The Offering Circular has been approved by the FCA pursuant to the PRM; however, this should not be understood as an endorsement of the Notes offered. Potential investors should read the Offering Circular before making an investment decision in order to fully understand the potential risks associated with the decision to invest in the Notes. The Offering Circular is available and the Final Terms, once published, will be available via LSEG plc’s main website, which is: https://www.lseg.com/en/investor-relations/emtn
Any offer of securities will be made in accordance with all applicable laws and regulations. Investors should not subscribe for any securities except on the basis of information contained in the Offering Circular and the relevant Final Terms, when available.
Nothing in this announcement constitutes investment, tax or legal advice. UK retail investors should make their own assessment of the securities or consult their own independent advisers before making any investment decision.
NO ACTION HAS BEEN MADE OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF ANY SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION OTHER THAN THE UNITED KINGDOM. NO OFFERS, SALES, RESALES OR DELIVERY OF ANY SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO ANY SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON THE JOINT LEAD MANAGERS OR ANY OF THEIR RESPECTIVE AFFILIATES.
The release, publication or distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from the United States (including its territories and possessions, any state of the United States and the District of Columbia (the “United States” or “US”)), to retail investors in any member state of the European Economic Area or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction. This announcement does not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for securities in any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons, as defined in Regulation S under the Securities Act, except pursuant to an applicable exemption from registration.
This announcement is for information purposes only and does not purport to be full or complete. Neither the content of LSEG plc’s website (or any other website) nor the content of any website accessible from hyperlinks on LSEG plc’s website (or any other website) is incorporated into or forms part of this announcement.
WRAP is a proprietary technology platform owned and operated by Marex Financial (“MF”), a company within the Marex group of companies. The Marex group of companies comprises Marex Group Plc and its subsidiaries (individually and collectively “Marex”). MF is incorporated under the laws of England and Wales (company no. 5613061 and VAT registration no. GB 872 8106 13) and is authorised and regulated by the Financial Conduct Authority (FCA registration number 442767). MF’s registered address is at 155 Bishopsgate, London, EC2M 3TQ, UK.
Winterflood, a division of Marex Financial, is acting exclusively for the Joint Lead Managers and for no-one else and will not regard any other person as its client in relation to the issue of the Notes and will not be responsible to anyone other than the Joint Lead Managers for providing the protections afforded to its clients, nor for providing advice in connection with the issue of the Notes and the other arrangements referred to in this announcement. None of Winterflood or any of its affiliates accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. Winterflood and its affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this announcement or its contents or otherwise arising in connection therewith.
RetailBook is a proprietary technology platform owned and operated by Retail Book Limited (registered address at 10 Queen Street Place, London EC4R 1AG). Retail Book Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FRN 994238).
In relation to the purchase of the Notes, RetailBook is acting as agent on behalf of its clients, being the UK retail intermediaries submitting orders for the Notes through RetailBook, and will not regard any other person (whether or not a recipient of this announcement), as its client in relation to the issue and offering of the Notes and will not be responsible to anyone other than its clients for providing the protections afforded to its clients, nor for providing advice in relation to the issue and offering of the Notes or the other arrangements referred to in this announcement. RetailBook has not approved this announcement for the purposes of section 21 of FSMA. None of RetailBook or any of its affiliates accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. RetailBook and its affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this announcement or its contents or otherwise arising in connection therewith.
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