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ISSUANCE
ISSUANCE: National Grid Electricity Transmission - EUR/GBP Dual Tranche IPTs
Ratings: A3 (stable) / A- (stable) / A (stable) A3 (stable) / A- (stable) / A
(stable)
Format: Senior, Unsecured, RegS, Bearer, NGN...Senior, Unsecured, RegS, Bearer,
NGN
Tranche.....GBP 8yr Fixed......................EUR 12yr Fixed
Size........GBP 300m Expected..................EUR Benchmark
Maturity....07 July 2028.......................07 July 2032
IPTs........Mid Gilts + 125-130bps.............MS + 115-120bps
Benchmark...UKT 1.625% due October 2028........DBR 0.000% due February 2030
Coupon......Fixed, Annual, Act/Act (ICMA)......Fixed, Annual, Act/Act (ICMA)
Settlement..07 July 2020 (T+3).................07 July 2020 (T+3)
Bookrunners: Bank of China, Barclays (B&D), Citi, ING, Lloyds
Timing: Books open, today's business

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