Northern Powergrid flies in sterling after lower rated Cadent Gas has tougher time

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By Mike Turner
02 Oct 2019

Northern Powergrid, a rare issuer in the UK market, issued a 40 year sterling bond on Wednesday that found a strong reception, in a week that has proved patchy for issuers in the currency.

Northern Powergrid, rated A by S&P and Fitch, announced a £250m expected size and initial price thoughts of 150bp-155bp over the 1.75% July 2057 Gilt when the market opened on Wednesday.

Lloyds Bank, NatWest Markets and Santander, the bookrunners, looked at the issuer’s existing curve, which stretched out to ...

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