All material subject to strictly enforced copyright laws. © 2022 Euromoney Institutional Investor PLC group

Energy Delivery Business Executes Fx Swap

National Grid Transco, the international energy delivery business, has converted a recently issued five-year EUR500m (USD561 million) bond into a floating-rate dollar liability. Malcolm Cooper, treasurer, said, "This bond is to help finance our U.S. business." The entire bond will be hedged and the swap's maturity will match that of the bond.

In the swap, Transco receives a fixed rate in euros and pays floating dollars. Although Cooper declined to specify counterparties to the deal, he said the company chooses swap counterparties on the basis of price and relationship.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree