Cadent transition bond blows out, comes with no NIP

By Jon Hay
04 Mar 2020

Cadent Gas launched what by some counts is only the second transition bond on Wednesday and achieved a stellar reception in the market. The €500m no-grow bond was priced without a new issue concession and tightened sharply on the break, according to a banker on the deal.

Cadent is a former division of National Grid that is the UK's largest gas distributor, running the network covering East Anglia, the Midlands, north London and the northwest.

Transition bonds were one of the topics that generated most excitement in the green bond market in 2019, particularly after Axa ...

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