UK's Cadent Gas to bring rare transition bond

Cadent Gas Van
By Jon Hay, Mike Turner
20 Feb 2020

Cadent Gas, the UK gas distribution network spun off by National Grid in 2017, will roadshow from Tuesday next week for a €500m transition bond. The deal is likely to delight green bond specialists who have championed the idea of transition bonds as a way to finance companies that are not green, but are moving towards lower carbon business models.

Cadent Finance, the funding arm of Cadent Gas, rated Baa1/BBB+/BBB+, wants to issue a 12 year bond. BNP Paribas (transition bond framework structuring adviser), Crédit Agricole, Mizuho and NatWest Markets are bookrunners.

Cadent will use the proceeds for eligible projects under its transition bond framework, published in December. It ...

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