Some said there was no market, but National Grid Gas proved them wrong. The UK’s largest energy utility (and the US’s second largest, by customer numbers) reopened the sterling corporate bond market in February with a £300m ($604m) issue, although it did not come cheap.
As one of the UK’s most indebted companies, National Grid is a familiar sight in the capital markets, issuing regularly, in a wide assortment of currencies and with maturities in the majority of years out to 2056/57. When it last reported, in September, it had gross debt of £18.5bn and cash of £2.2bn.
