RELATIVE VALUE ANALYSIS · GBP Utilities / Senior Unsecured
spread (bps) vs years to maturity
Owned (GBP ReturnPlus)
Secondary comps
New issue
Credit curve
COMPARABLE BONDS
| Bond | Rating | Mat. | Mid (bps) | Bid/Offer | Avail. | Liquidity |
|---|---|---|---|---|---|---|
| National Grid 5Y NEW | A- | 5.0y | +105 | — | — | |
| SSE PLC 2029 | BBB+ | 4.2y | +98 | 97 / 99 | £15m | |
| Cadent Gas 2030 | BBB+ | 4.7y | +101 | 100 / 102 | £10m | |
| Severn Trent 2030 | BBB+ | 4.9y | +102 | 101 / 103 | £8m | |
| Nat Grid US 2029 | A- | 4.1y | +99 | 98 / 100 | £5m | |
| Southern Gas 2030 | BBB | 4.6y | +107 | 106 / 109 | £12m | |
| United Utilities 2031 | BBB+ | 5.8y | +108 | 107 / 109 | £20m |
DEAL TERMS
Issuer
National Grid PLC
Sector
Utilities · Senior Unsec.
Currency
GBP
Tenor
5 years (5.0y)
Guidance
+105 bps
Expected price
+103 bps
Settlement
T+5 · Apr 16
Rating
A- / A3 (S&P / Mdy)
+5
MANDATE CHECK · GBP ReturnPlus
Credit rating
Min A / Max AAA
A-✓ Pass
Currency
GBP, EUR, USD allowed
GBP✓ Pass
Sector
Non-financials allowed
Utilities✓ Pass
Issuer concentration
Limit 5% of fund
2.1% + 0.8%✓ Pass
Sector concentration
Utilities limit 25%
23.1% → 23.9%~ Marginal
Settlement funding
T+5 requires £25m
£96m avail✓ Pass
ORDER BUILDER
✦ AI suggested