National Grid makes roaring green euro debut

By Mike Turner
13 Jan 2020

The UK’s National Grid Electricity Transmission made a barnstorming entrance to the green bond market on Monday, cutting its spread and winning a bumper book for its first euro bond issue in more than a decade.

National Grid, rated A3/A-/A, followed up last week’s roadshow by opening books for a €500m five year no-grow at initial price thoughts of 60bp-65bp over mid-swaps.

The issuer had not printed in euros since 2008, according to Dealogic, so lead managers BNP Paribas, ICBC, ING and ...

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