National Grid hits market as better mood returns

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By Mike Turner
02 Jul 2020

National Grid Electricity Transmission, the UK power transmission company, was out with a dual tranche trade on Thursday, including the first test of the conventional sterling benchmark market in more than a month.

National Grid, rated A3/A-/A, has opened books on a July 2028 for an expected £300m at 125bp-130bp over Gilts.

This was at 20bp-25bp back of fair value, according to a deal lead. 

Meanwhile, the borrower was also in the market with a euro benchmark due July 2032. Books on that ...

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