Commentary & Deal Flow

IPTs: Long 5yr: MS+115/120bp

• Issuer: National Gas Transmission PLC
• Issuer LEI: FPCHGTHKVH9ZWXS7S453
• Issuer Ratings: Baa1/BBB+ (Moody's/Fitch)
• Expected Issue Ratings: Baa1/A- (Moody's/Fitch)
• Rating Split: Issuer: Baa1/BBB+ (Moody's/Fitch), Issue: Baa1/A- (Moody's/Fitch)
• Format: Senior, Unsecured, Reg S, Category 2, Bearer, NGN
• Size: € exp. 500m
• Ranking: Senior Unsecured
• Joint Bookrunners: BNP Paribas (B&D), HSBC, IMI-Intesa Sanpaolo, Mizuho
• Settlement Date: 27-Oct-26 (T+5)
• Maturity Date: 27-Mar-32
• Coupon: FXD, Annual, Act/Act (ICMA), Short first
• Benchmark: DBR 0 15-Feb-32
• Par Call: 3-month
• ISIN: XS3548854176
• Denoms: €100k+€1k
• Optional Redemption: Make-Whole Call
• Docs/Listing/Governing Law: EMTN Programme / London Stock Exchange (Main Market) / English Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Use of Proceeds: Refinance existing debt and general corporate purposes
• Selling restrictions: Yes (US: Reg S, Cat 2, TEFRA D), see further the base prospectus relating to the Programme dated 16-Dec-25, as supplemented on 23-Jul-26 (together, the “Base Prospectus”)
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA or the UK
• Marketing: https://dealroadshow.finsight.com and enter the deal entry code: NGT26 (not case-sensitive)
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.londonstockexchange.com
• Schedule: Books open, today’s business
• Timing: Today's business
• Stabilisation: Applicable, stabilisation regulations apply, including FCA/ICMA