National Grid hits market as better mood returns
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 ...