National Grid Plc

16 Jan 2009

Rating: Baa1/A-/BBB

Amount: Eu500m

Maturity: 22 April 2014

Issue/re-offer price: 99.464

Coupon: 6.5%

Spread at re-offer: 365bp over mid-swaps

Launched: Tuesday 13 January

Payment date: 22 January

Joint books: Deutsche Bank, Barclays Capital, JPMorgan, Merrill Lynch

Bookrunners’ comment:

The borrower last did a deal from its holding company in 2006, so it’s a relatively rare issuance vehicle. It ...

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