Commentary & Deal Flow

Reoffer: 5yr: SARON MS+80 / 100 / 1.17% 10yr: SARON MS+100 / 100 / 1.628%
Benchmark: 5yr: Govt.+93 10yr: Govt.+126

Spread set at: 5yr: SARON MS+80bp 10yr: SARON MS+100bp
RVSD Guidance: 5yr: SARON MS+78/80bp 10yr: SARON MS+98/100bp
Guidance: 5yr: SARON MS+75/85bp 10yr: SARON MS+95/105bp

• Issuer: National Grid Plc
• Ticker: NGGLN
• Issuer Domicile: United Kingdom
• Issuer Ratings: Baa2 (Moody's, stable) / BBB+ (S&P, stable) / BBB (Fitch, stable)
• Expected Issue Ratings: Baa2 (Moody's) / BBB (S&P) / BBB+ (Fitch)
• Format: Public Fixed Rate Bonds
• Size:
  • 5yr: CHF 235m
  • 10yr: CHF 230m
• Settlement Date: 3-Sep-26
• Maturity Date:
  • 5yr: 3-Sep-31
  • 10yr: 3-Sep-36
• Coupon:
  • 5yr: 1.17% p.a.
  • 10yr: 1.6275% p.a.
• Issue Price: 100
• Ranking: Senior Unsecured
• Type: Green
• Lead Manager(s): UBS (JLB) / BNPP (JLB) / Mizuho (JLNB)
• ISIN:
  • 5yr: CH1593191070
  • 10yr: CH1593191088
• Security Number:
  • 5yr: 159319107
  • 10yr: 159319108
• 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