Bond Silverstone Apex Issuer PLC 0.876% ( XS2109792551 ) in GBP

Silverstone Apex Issuer PLC

100 % ⇌

United Kingdom

XS2109792551 ( in GBP )

0.876% per year ( payment 4 times a year)

20/01/2070

Prospectus brochure of the bond Silverstone Master Issuer PLC XS2109792551 en GBP 0.876%, maturity 20/01/2070

21/04/2026 ( In 88 days )

Silverstone Master Issuer PLC is a UK-based special purpose vehicle established to issue and manage securitizations, primarily focused on providing funding for UK residential mortgage lending.

Silverstone Master Issuer PLC has issued a GBP-denominated bond (XS2109792551) maturing on January 20, 2070, currently trading at 100% with a 0.876% coupon rate and paying interest four times per year.

IMPORTANT NOTICE
NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE
U.S. EXCEPT TO QUALIFIED INSTITUTIONAL BUYERS WHO ARE ALSO QUALIFIED
PURCHASERS (EACH AS DEFINED BELOW)
IMPORTANT: You must read the following before continuing. The following applies to the final terms
attached to this electronic transmission, and you are therefore advised to read this carefully before reading,
accessing or making any other use of the final terms. In accessing the final terms, you agree to be bound by
the following terms and conditions, including any modifications to them any time you receive any
information from us as a result of such access.
NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE UNITED STATES OR ANY OTHER
JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT
BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
SECURITIES ACT), OR THE SECURITIES LAWS OR "BLUE SKY" LAWS OF ANY STATE OR OTHER
JURISDICTION OF THE UNITED STATES AND THEREFORE MAY NOT BE OFFERED, SOLD, RESOLD OR
DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS (AS DEFINED IN REGULATION S (REGULATION S) UNDER THE SECURITIES ACT), EXCEPT
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE OR LOCAL SECURITIES
LAWS. ACCORDINGLY, THE NOTES ARE BEING OFFERED AND SOLD (I) TO PERSONS THAT ARE
"QUALIFIED INSTITUTIONAL BUYERS" (QIBS) AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (RULE 144A) AND WHO ARE ALSO QUALIFIED PURCHASERS (QPS) WITHIN THE MEANING OF
SECTION 2(A)(51)(A) OF THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED
(THE INVESTMENT COMPANY ACT), IN EACH CASE ACTING FOR THEIR OWN ACCOUNT OR FOR THE
ACCOUNT OF ONE OR MORE QIBS EACH OF WHICH IS ALSO A QP IN RELIANCE ON RULE 144A, OR (II)
OUTSIDE THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS IN RELIANCE ON
REGULATION S. IN ADDITION, THE ISSUER HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE INVESTMENT COMPANY ACT. THE NOTES ARE NOT TRANSFERABLE EXCEPT UPON
SATISFACTION OF CERTAIN CONDITIONS AS DESCRIBED UNDER "TRANSFER RESTRICTIONS" IN THE
BASE PROSPECTUS, AS SUPPLEMENTED BY THE SUPPLEMENTAL PROSPECTUS DATED 18 APRIL 2019
AND THE SUPPLEMENTAL PROSPECTUS DATED 23 DECEMBER 2019.
MIFID II product governance / Professional investors and ECPs only target market Solely for the
purposes of each manufacturer's product approval process, the target market assessment in respect of the
notes has led to the conclusion that: (i) the target market for the notes is eligible counterparties and
professional clients only, each as defined in Directive 2014/65/EU (as amended, MiFID II); and (ii) all
channels for distribution of the notes to eligible counterparties and professional clients are appropriate. Any
person subsequently offering, selling or recommending the notes (a distributor) should take into
consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is
responsible for undertaking its own target market assessment in respect of the notes (by either adopting or
refining the manufacturers' target market assessment) and determining appropriate distribution channels.
Prohibition of sales to EEA and UK retail investors The notes are not intended to, and should not, be offered,
sold or otherwise made available to any retail investor in the European Economic Area (EEA) or in the
United Kingdom (UK). 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 MiFID II; or (ii) a customer within the meaning of
Directive 2002/92/EC (as amended, IMD), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by
Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the notes or
otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore

offering or selling the notes or otherwise making them available to any retail investor in the EEA or in the
UK may be unlawful under the PRIIPs Regulation.
You are reminded that the final terms have been delivered to you on the basis that you are a person into
whose possession the final terms may be lawfully delivered in accordance with the laws of the jurisdiction in
which you are located and you may not, nor are you authorised to, deliver the final terms to any other person.
The materials relating to the offering do not constitute, and may not be used in connection with, an offer or
solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that
the offering be made by a licensed broker or dealer and the dealers or any affiliate of the dealers is a licensed
broker or dealer in that jurisdiction, the offering shall be deemed to be made by the dealers or such affiliate
on behalf of the issuer in such jurisdiction.
By accessing the final terms, you shall be deemed to have confirmed and represented to us that (a) you have
understood and agree to the terms set out herein, (b) you consent to delivery of the final terms by electronic
transmission, (c) you are either (i) not a U.S. person (within the meaning of Regulation S under the Securities
Act) or acting for the account or benefit of a U.S. person and the electronic mail address that you have given
to us and to which this e-mail has been delivered is not located in the United States, its territories and
possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands) or the District of Columbia or (ii) a qualified institutional buyer (as defined in
Rule 144A under the Securities Act) who is also a qualified purchaser within the meaning of Section
2(a)(51)(A) of the United States Investment Company Act of 1940, as amended (the Investment Company
Act) and the rules and regulations thereunder in each case acting for your own account or for the account of
one or more QIBs each of which is also a QP in reliance on Rule 144A and (d) if you are a person in the
United Kingdom, then you are a person who (i) is an investment professional within the meaning of article
19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the FPO) or (ii) is a
high net worth entity falling within Article 49(2)(a) to (d) of the FPO (all such persons together being
referred to as relevant persons). The final terms must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which the final terms relates is available only to
relevant persons and will be engaged in only with relevant persons.
The final terms have been sent to you in an electronic form. You are reminded that documents transmitted
via this medium may be altered or changed during the process of electronic transmission and consequently
none of Silverstone Master Issuer PLC, Nationwide Building Society, Barclays Bank PLC, Citibank Europe
PLC, UK Branch, Lloyds Bank Corporate Markets plc and Merrill Lynch International nor any person who
controls any such person nor any director, officer, employee nor agent of any such person (or affiliate of any
such person) accepts any liability or responsibility whatsoever in respect of any difference between the final
terms distributed to you in electronic format and the hard copy version available to you on request from
Silverstone Master Issuer PLC, Nationwide Building Society, Barclays Bank PLC, Citibank Europe PLC,
UK Branch, Lloyds Bank Corporate Markets plc and Merrill Lynch International. References to "BofA
Securities" in the final terms shall mean "Merrill Lynch International".

MIFID II product governance / Professional investors and ECPs only target market Solely for
the purposes of each manufacturer's product approval process, the target market assessment in respect
of the notes has led to the conclusion that: (i) the target market for the notes is eligible counterparties
and professional clients only, each as defined in Directive 2014/65/EU (as amended, MiFID II); and
(ii) all channels for distribution of the notes to eligible counterparties and professional clients are
appropriate. Any person subsequently offering, selling or recommending the notes (a distributor)
should take into consideration the manufacturers' target market assessment; however, a distributor
subject to MiFID II is responsible for undertaking its own target market assessment in respect of the
notes (by either adopting or refining the manufacturers' target market assessment) and determining
appropriate distribution channels.
Prohibition of sales to EEA and UK retail investors The notes are not intended to, and should
not, be offered, sold or otherwise made available to any retail investor in the European Economic
Area (EEA) or in the United Kingdom (UK). 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 MiFID II; or (ii) a
customer within the meaning of Directive 2002/92/EC (as amended, IMD), where that customer
would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.
Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended,
the PRIIPs Regulation) for offering or selling the notes or otherwise making them available to retail
investors in the EEA or in the UK has been prepared and therefore offering or selling the notes or
otherwise making them available to any retail investor in the EEA or in the UK may be unlawful
under the PRIIPs Regulation.
Final Terms dated 5 February 2020
(to the base prospectus dated 9 April 2019,
as supplemented on 18 April 2019 and 23 December 2019)
SILVERSTONE MASTER ISSUER PLC
(incorporated in England and Wales with limited liability with registered number 06612744)
Legal entity identifier (LEI): 549300P6OXWKM20QS303
Residential Mortgage Backed Note Programme
Issue of Series 2020-1 Notes
Initial principal
Issue
Final
Series
Class
Interest rate
amount
price
Scheduled redemption dates
maturity date
2020-1
1A
Compounded Daily
£1,000,000,000
100%
Interest Payment Dates
January 2070
SONIA + 0.47 per
occurring in April 2022, July
cent.
2022, October 2022, January
2023 and April 2023
2020-1
2AR
Compounded Daily
£650,000,000
100%
Interest Payment Dates
January 2070
SONIA + 0.72 per
occurring in January 2026
cent.
2020-1
3AR
Compounded Daily
£650,000,000
100%
Interest Payment Dates
January 2070
SONIA + 0.77 per
occurring in January 2027
cent.
2020-1
4AR
Compounded Daily
£650,000,000
100%
Interest Payment Dates
January 2070
SONIA + 0.82 per
occurring in January 2028
cent.
Terms used herein shall be deemed to be defined as such for the purposes of the conditions set forth in
the base prospectus dated 9 April 2019, as supplemented by the supplemental prospectus dated 18
April 2019 and the supplemental prospectus dated 23 December 2019, which constitutes a base
prospectus (the base prospectus) for the purposes of the Prospectus Directive (Directive 2003/71/EC)
(the Prospectus Directive). This document constitutes the final terms (the final terms) of the notes

1

described herein for the purposes of Article 5(4) of the Prospectus Directive and must be read in
conjunction with the base prospectus. Full information on the issuer and the offer of the notes is only
available on the basis of the combination of the final terms and the base prospectus. The base
prospectus is available for viewing at http://www.londonstockexchange.com/exchange/news/market-
news/market-news-home.html and copies may be obtained from the registered office of the issuer at
c/o Wilmington Trust SP Services (London) Limited, Third Floor, 1 King's Arms Yard, London
EC2R 7AF.
The Series 2020-1 notes have not been and will not be registered under the United States Securities
Act of 1933, as amended, or the state securities laws of any state of the United States and the Series
2020-1 notes may not be offered, sold or delivered in the United States or to, or for the account or
benefit of, U.S. persons (as defined in Regulation S) except to persons that are qualified institutional
buyers within the meaning of Rule 144A who are also qualified purchasers within the meaning of the
United States Investment Company Act of 1940, as amended, and the rules and regulations
thereunder, or in transactions that occur outside the United States to persons other than U.S. persons
in accordance with Regulation S or in other transactions exempt from registration under the Securities
Act and, in each case, in compliance with applicable securities laws.
Arranger for the programme
Nationwide Building Society
Dealers

Barclays
BofA Securities
Citibank
Lloyds Bank
Corporate Markets

2

CONTRACTUAL TERMS
Series and Class:
Series 2020-1 Class 1A
Series 2020-1 Class 2AR
Series 2020-1 Class 3AR
Series 2020-1 Class 4AR
1.
Issuer:
Silverstone Master Issuer PLC
Silverstone Master Issuer PLC
Silverstone Master Issuer PLC
Silverstone Master Issuer PLC
2.
Specified Currency or
Sterling
Sterling
Sterling
Sterling
Currencies:
3.
Initial Principal Amount:
£1,000,000,000
£650,000,000
£650,000,000
£650,000,000
4.
(a)
Issue Price:
100% of the Aggregate
100% of the Aggregate
100% of the Aggregate
100% of the Aggregate
Nominal Amount
Nominal Amount
Nominal Amount
Nominal Amount
(b)
Gross proceeds:
£1,000,000,000
£650,000,000
£650,000,000
£650,000,000
5.
Required Subordination
Class A Required
Class A Required
Class A Required
Class A Required
Percentage:
Subordination Percentage:
Subordination Percentage:
Subordination Percentage:
Subordination Percentage:
10%
10%
10%
10%
6.
Funding 1 Reserve Required
For all Notes issued by the Issuer, at least £150,000,000
Amount:
7.
Ratings:
The Notes to be issued are
The Notes to be issued are
The Notes to be issued are
The Notes to be issued are
expected to be rated:
expected to be rated:
expected to be rated:
expected to be rated:

S&P AAA(sf)
S&P AAA(sf)
S&P AAA(sf)
S&P AAA(sf)

Moody's Aaa (sf)
Moody's Aaa (sf)
Moody's Aaa (sf)
Moody's Aaa (sf)

Fitch AAA sf
Fitch AAA sf
Fitch AAA sf
Fitch AAA sf

3

Series and Class:
Series 2020-1 Class 1A
Series 2020-1 Class 2AR
Series 2020-1 Class 3AR
Series 2020-1 Class 4AR
8.
Specified Denominations:
£100,000 and integral
£100,000 and integral
£100,000 and integral
£100,000 and integral
multiples of £1,000 in excess
multiples of £1,000 in excess
multiples of £1,000 in excess
multiples of £1,000 in excess
thereof up to and including
thereof up to and including
thereof up to and including
thereof up to and including
£199,000. No Notes in
£199,000. No Notes in
£199,000. No Notes in
£199,000. No Notes in
definitive form will be issued
definitive form will be issued
definitive form will be issued
definitive form will be issued
with a denomination above
with a denomination above
with a denomination above
with a denomination above
£199,000
£199,000
£199,000
£199,000
9.
(a)
Closing Date:
6 February 2020
6 February 2020
6 February 2020
6 February 2020
(b)
Interest
6 February 2020
6 February 2020
6 February 2020
6 February 2020
Commencement Date:
(c)
First Interest Payment
21 April 2020
21 April 2020
21 April 2020
21 April 2020
Date:
10.
Final Maturity Date:
Interest Payment Date falling
Interest Payment Date falling
Interest Payment Date falling
Interest Payment Date falling
on or nearest to 21 January
on or nearest to 21 January
on or nearest to 21 January
on or nearest to 21 January
2070
2070
2070
2070
11.
Interest Basis:
Compounded Daily SONIA
Compounded Daily SONIA
Compounded Daily SONIA
Compounded Daily SONIA
12.
Redemption/Payment Basis:
Scheduled Redemption
Scheduled Redemption
Scheduled Redemption
Scheduled Redemption
13.
Change of Interest Basis or
Not applicable
Not applicable
Not applicable
Not applicable
Redemption/Payment Basis:
14.
(a)
Listing:
London
London
London
London
(b)
Estimate of total
For all Series 2020-1 Notes, an aggregate amount of £19,160
expenses related to
admission to
trading:

4

Series and Class:
Series 2020-1 Class 1A
Series 2020-1 Class 2AR
Series 2020-1 Class 3AR
Series 2020-1 Class 4AR
15.
Status of the Notes:
Direct, secured and
Direct, secured and
Direct, secured and
Direct, secured and
unconditional obligation of the
unconditional obligation of
unconditional obligation of
unconditional obligation of
issuer
the issuer
the issuer
the issuer
16.
Date of Board approval for
29 January 2020
29 January 2020
29 January 2020
29 January 2020
issuance of the Notes
obtained:
17.
Method of distribution:
Syndicated
Non-Syndicated
Non-Syndicated
Non-Syndicated
Provisions relating to interest (if

any) payable
18.
Fixed Rate Note Provisions:
Not Applicable
Not Applicable
Not Applicable
Not Applicable
19. Floating Rate Note Provisions:
Applicable
Applicable
Applicable
Applicable
(a)
Specified
The Issuer Payment Dates
The Issuer Payment Dates
The Issuer Payment Dates
The Issuer Payment Dates
Period(s)/Specified
falling in January, April, July
falling in January, April, July
falling in January, April, July
falling in January, April, July
Interest Payment
and October in each year up to
and October in each year up to
and October in each year up to
and October in each year up to
Dates:
and including the Final
and including the Final
and including the Final
and including the Final
Maturity Date, or following
Maturity Date, or following
Maturity Date, or following
Maturity Date, or following
the occurrence of a Pass-
the occurrence of a Pass-
the occurrence of a Pass-
the occurrence of a Pass-
Through Trigger Event, each
Through Trigger Event, each
Through Trigger Event, each
Through Trigger Event, each
Issuer Payment Date up to and
Issuer Payment Date up to and
Issuer Payment Date up to and
Issuer Payment Date up to and
including the Final Maturity
including the Final Maturity
including the Final Maturity
including the Final Maturity
Date
Date
Date
Date
(b)
Business Day
Following business day
Following business day
Following business day
Following business day
Convention:
convention
convention
convention
convention
(c)
Additional Business
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Centre(s):

5

Series and Class:
Series 2020-1 Class 1A
Series 2020-1 Class 2AR
Series 2020-1 Class 3AR
Series 2020-1 Class 4AR
(d)
Manner in which the
Screen Rate Determination
Screen Rate Determination
Screen Rate Determination
Screen Rate Determination
Rate of Interest and
Interest Amount is
to be determined:
(e)
Screen Rate

Determination:

Reference
Compounded Daily SONIA
Compounded Daily SONIA
Compounded Daily SONIA
Compounded Daily SONIA
Rate:

Observation
Five London Banking Days
Five London Banking Days
Five London Banking Days
Five London Banking Days
Look-back
Period (being
no less than 5
London
Banking Days):

Interest
Five London Banking Days
Five London Banking Days
Five London Banking Days
Five London Banking Days
Determination
prior to the end of each
prior to the end of each
prior to the end of each
prior to the end of each
Date(s):
Interest Period
Interest Period
Interest Period
Interest Period

Relevant
Reuters Monitor Money Rates
Reuters Monitor Money Rates
Reuters Monitor Money Rates
Reuters Monitor Money Rates
Screen Page:
Service at the page designated
Service at the page designated
Service at the page designated
Service at the page designated
as SONIA
as SONIA
as SONIA
as SONIA
(f)
ISDA
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Determination:
(g)
Margin(s):
+0.47% per annum
+0.72% per annum
+0.77% per annum
+0.82% per annum
(h)
Minimum Rate of
0%
0%
0%
0%
Interest:

6

Series and Class:
Series 2020-1 Class 1A
Series 2020-1 Class 2AR
Series 2020-1 Class 3AR
Series 2020-1 Class 4AR
(i)
Maximum Rate of
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Interest:
(j)
Step-Up Date:
Interest Payment Date
Interest Payment Date
Interest Payment Date
Interest Payment Date
occurring in April 2023
occurring in January 2026
occurring in January 2027
occurring in January 2028

Step-Up
+0.94% per annum
+1.44% per annum
+1.54% per annum
+1.64% per annum
Margin(s):

Step-Up
0%
0%
0%
0%
Minimum Rate
of Interest:

Step-Up
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Maximum Rate
of Interest:
(k)
Day Count Fraction:
Actual/365
Actual/365
Actual/365
Actual/365
20.
Zero Coupon Note
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Provisions:
General provisions applicable to the

Notes
21.
(a)
Form of Notes:
Reg S Note registered in the
Reg S Note registered in the
Reg S Note registered in the
Reg S Note registered in the
name of a nominee for a
name of a nominee for a
name of a nominee for a
name of a nominee for a
common safekeeper for
common safekeeper for
common safekeeper for
common safekeeper for
Euroclear and Clearstream,
Euroclear and Clearstream,
Euroclear and Clearstream,
Euroclear and Clearstream,
Luxembourg
Luxembourg
Luxembourg
Luxembourg

7

Series and Class:
Series 2020-1 Class 1A
Series 2020-1 Class 2AR
Series 2020-1 Class 3AR
Series 2020-1 Class 4AR

Rule 144A Note registered in
Rule 144A Note registered in
Rule 144A Note registered in
Rule 144A Note registered in
the name of a nominee for a
the name of a nominee for a
the name of a nominee for a
the name of a nominee for a
common safekeeper for
common safekeeper for
common safekeeper for
common safekeeper for
Euroclear and Clearstream,
Euroclear and Clearstream,
Euroclear and Clearstream,
Euroclear and Clearstream,
Luxembourg
Luxembourg
Luxembourg
Luxembourg
(b)
New Safekeeping
Reg S Notes: Yes
Reg S Notes: Yes
Reg S Notes: Yes
Reg S Notes: Yes
Structure:
Rule 144A Notes: Yes
Rule 144A Notes: Yes
Rule 144A Notes: Yes
Rule 144A Notes: Yes
22.
Talons for future Coupons or
No
No
No
No
Receipts to be attached to
Definitive Notes (and dates
on which such Talons
mature):
23.
Details relating to Bullet
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Redemption Notes:
24.
Details relating to Scheduled
Applicable
Applicable
Applicable
Applicable
Redemption Notes:
(a)
Scheduled
Interest Payment Dates
Interest Payment Date
Interest Payment Date
Interest Payment Date
Redemption Dates:
occurring in April 2022, July
occurring in January 2026
occurring in January 2027
occurring in January 2028
2022, October 2022, January
2023 and April 2023

8