Commentary & Deal Flow

IPTs: 5yr: SARON MS+75/85 10yr: SARON MS+95/105

• Issuer: National Grid Plc
• Ticker: NGGLN
• Issuer Domicile: United Kingdom
• Issuer Ratings: Baa2/BBB+/BBB (Moody's/S&P/Fitch) — stable outlook
• Expected Issue Ratings:
  • 5yr: Baa2 (Moody's) / BBB (S&P) / BBB+ (Fitch)
  • 10yr: Baa2 (Moody's) / BBB (S&P) / BBB+ (Fitch)
• Format: Public Fixed Rate Bonds
• Size: CHF Benchmark (each tranche)
• Ranking: Senior Unsecured
• Type: Green
• Maturity:
  • 5yr: 3-Sep-31 (5 years)
  • 10yr: 3-Sep-36 (10 years)
• Spread/Yield:
  • 5yr: SARON MS+75/85 // YTM 1.133%/1.233% // Govt.+89/+99
  • 10yr: SARON MS+95/105 // YTM 1.598%/1.698% // Govt.+120/+130
• Coupon (indicative):
  • 5yr: 1.1325% p.a. — will price at par
  • 10yr: 1.5975% p.a. — will price at par
• Lead Managers: UBS (JLB) / BNP (JLB) / Mizuho (JLNB)
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Issuer's € 20,000,000,000 Euro Medium Term Note Programme as documented in the base prospectus dated 19-Aug-25, as supplemented, amended and/or updated from time to time. Prospective investors are informed that the Issuer is expected to publish an update of the Base Prospectus on or around 17-Aug-26
• FinSA Prospectus: Delayed approval of the Swiss Prospectus, in accordance with Article 51(2) FinSA
• Governing Law: English
• Covenants: Pari Passu, Negative Pledge, Cross Acceleration in respect of indebtedness above £100,000,000
• SIX Listing: 1-Sep-26
• Denomination: CHF 5,000
• Use of Proceeds: The proceeds of the issue will be allocated by the issuer to finance or refinance Eligible Green Projects as set out in National Grid's Green Financing Framework
• Sales Restrictions: In particular U.S., European Economic Area, United Kingdom, Japan, Australia, Canada, Hong Kong, Singapore and Belgium as set out in the Base Prospectus
• Target Market: The target market as defined by the manufacturer domiciled in the EEA (MIFID II) is: eligible counterparties, professional clients and, in Switzerland only, retail clients (all channels for distribution), subject to applicable selling restrictions
• Green Bond Framework: https://www.nationalgrid.com/document/558926/download
• Timing: Today's business