National Grid plc bonds NGG
Who owns National Grid plc's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. NGG stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| G6S98DFK5 | 0.163% fixed | 2028-01-20 | EUR | 95.67 | 3.22% | — | 3 | $22.4M | Jul 2026 |
| 636274AD4 | 5.602% fixed | 2028-06-12 | USD | 101.62 | 4.68% | 48 bp | 13 | $36.6M | Jul 2026 |
| G6S98DGB4 | 0.25% fixed | 2028-09-01 | EUR | 94.34 | 2.98% | — | 6 | $2.6M | Jun 2026 |
| ACI2C7ZB0 | 3.875% fixed | 2029-01-16 | EUR | 101.68 | 3.17% | — | 4 | $1.3M | Jun 2026 |
| G6S98DFJ8 | 0.553% fixed | 2029-09-18 | EUR | 91.41 | 3.49% | — | 7 | $19.3M | Jul 2026 |
| ACI25XGH9 | 2.949% fixed | 2030-03-30 | EUR | 97.91 | 3.56% | — | 2 | $16.1M | Jul 2026 |
| 636274AE2 | 5.809% fixed | 2033-06-12 | USD | 102.48 | 5.37% | 92 bp | 10 | $30.2M | Jul 2026 |
| ACI202DP7 | 0.75% fixed | 2033-09-01 | EUR | 80.43 | 3.97% | — | 4 | $7.0M | Jul 2026 |
| 636274AF9 | 5.418% fixed | 2034-01-11 | USD | 99.86 | 5.44% | 96 bp | 12 | $31.1M | Jul 2026 |
| G6S98DHH0 | 3.245% fixed | 2034-03-30 | EUR | 94.49 | 4.10% | — | 7 | $8.1M | Jul 2026 |
| ZM3219155 | 4.275% fixed | 2035-01-16 | EUR | 100.91 | 4.14% | — | 7 | $22.5M | Jul 2026 |
| 636274AG7 | 5.405% fixed | 2036-06-09 | USD | 97.51 | 5.74% | 114 bp | 11 | $18.7M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 10 | $212.1M | 97.71 | 5.41% | 94 bp | 13 |
| Jun 2026 | 10 | $320.9M | 100.49 | 5.14% | 80 bp | 32 |
| May 2026 | 9 | $214.1M | 101.62 | 5.06% | 75 bp | 23 |
| Apr 2026 | 10 | $199.7M | 96.72 | 5.08% | 92 bp | 14 |
| Mar 2026 | 9 | $265.1M | 100.97 | 5.07% | 102 bp | 34 |
| Feb 2026 | 9 | $227.1M | 103.14 | 4.68% | 77 bp | 22 |
| Jan 2026 | 10 | $203.0M | 98.50 | 4.83% | 82 bp | 15 |
| Dec 2025 | 9 | $262.0M | 102.76 | 4.78% | 84 bp | 31 |
| Nov 2025 | 9 | $200.6M | 102.95 | 4.70% | 80 bp | 22 |
| Oct 2025 | 10 | $197.2M | 98.94 | 4.77% | 90 bp | 13 |
| Sep 2025 | 12 | $298.1M | 101.50 | 4.78% | 86 bp | 30 |
| Aug 2025 | 9 | $192.4M | 102.87 | 4.89% | 82 bp | 23 |
| Jul 2025 | 10 | $200.4M | 98.34 | 5.10% | 88 bp | 14 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 49 added, 15 cut, 23 new holders and 9 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $56.2M | $57.7M | $9.1M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $51.1M | $52.8M | -$16.7M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $48.4M | $48.9M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $40.9M | $45.4M | $0 |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $38.4M | $39.2M | $7.8M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $32.4M | $32.7M | $10.0M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $28.0M | $31.2M | $0 |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $25.7M | $26.1M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $23.4M | $23.9M | $2.4M |
| JPMorgan Core Bond Fund JPMorgan Trust II | 2026-05-31 | $21.7M | $22.2M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $18.9M | $19.3M | $5.8M |
| EQ/Intermediate Corporate Bond Portfolio EQ Advisors Trust | 2026-06-30 | $17.0M | $17.4M | $0 |
| Baird Intermediate Bond Fund Baird Funds Inc | 2026-06-30 | $16.5M | $16.7M | $6.4M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $11.8M | $12.2M | -$1.1M |
| PIMCO Investment Grade Credit Bond Fund PIMCO FUNDS | 2026-06-30 | $11.8M | $12.1M | $297K |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $11.1M | $11.4M | -$330K |
| JPMorgan Global Bond Opportunities Fund JPMorgan Trust I | 2026-05-31 | $10.4M | $11.2M | $0 |
| VANGUARD ULTRA-SHORT BOND ETF VANGUARD BOND INDEX FUNDS | 2026-06-30 | $11.0M | $11.2M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $8.2M | $8.4M | $750K |
| Columbia Select Corporate Income Fund COLUMBIA FUNDS SERIES TRUST I | 2026-07-31 | $8.0M | $7.8M | new |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.5M | $7.6M | $3.9M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $7.3M | $7.5M | -$560K |
| Aristotle Strategic Income Fund Aristotle Fund Series Trust | 2026-06-30 | $7.0M | $7.1M | $0 |
| PIMCO Total Return Portfolio PIMCO VARIABLE INSURANCE TRUST | 2026-06-30 | $6.8M | $7.0M | $0 |
| iShares Investment Grade Systematic Bond ETF iShares Trust | 2026-05-31 | $6.7M | $6.9M | -$440K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VOYA INTERMEDIATE BOND FUND ($2.9M), VANGUARD STAR CORE-PLUS BOND FUND ($1.4M), VALUE LINE CAPITAL APPRECIATION FUND INC ($500K), VOYA INTERMEDIATE BOND PORTFOLIO ($228K), Short Duration Bond Fund ($208K), DFA Intermediate-Term Extended Quality Portfolio ($200K), Voya VACS Series CB Fund ($35K), VOYA GLOBAL BOND PORTFOLIO ($12K), Voya Global Bond Fund ($5K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 16 | $77.8M | $81.9M | 0.07% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $59.4M | $61.1M | 0.02% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $52.6M | $54.4M | 0.08% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $23.4M | $23.9M | 0.05% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $18.9M | $19.3M | 0.04% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $13.0M | $13.5M | 0.07% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $11.8M | $12.2M | 0.04% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 1 | $11.0M | $11.2M | 0.13% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $9.8M | $10.1M | 0.09% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 5 | $8.8M | $8.9M | 0.08% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 4 | $8.3M | $8.6M | 0.01% |
| IGEB iShares Investment Grade Systematic Bond ETF | 2026-05-31 | 2 | $6.7M | $6.9M | 0.51% |
| EAGG iShares ESG Aware U.S. Aggregate Bond ETF | 2026-05-31 | 4 | $6.6M | $6.8M | 0.14% |
| SUSC iShares ESG Aware USD Corporate Bond ETF | 2026-05-31 | 4 | $6.2M | $6.4M | 0.45% |
| BSCS Invesco BulletShares 2028 Corporate Bond ETF | 2026-05-31 | 1 | $5.8M | $5.9M | 0.17% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.17: safer than 73% of companies (76th percentile in Utilities). Market-implied, prices to 2026-10-16, balance sheet 2026-03-31.
| Equity value | $79.54B |
| Debt barrier (short-term + ½ long-term debt) | $33.70B |
| Equity volatility (1 year) | 21.2% |
| Asset value / asset volatility (solved) | $111.82B / 15.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 94 bp spread prices in about 1.6% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 2.07 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in NGG's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 80 | $97.2M | 1 | $804K | 0 | — | 0 |
| 2026-06-30 | 614 | $5.16B | 13 | $33.2M | 13 | $84.6M | 0 |
| 2026-03-31 | 586 | $4.90B | 10 | $31.1M | 11 | $78.9M | 0 |
| 2025-12-31 | 540 | $4.27B | 7 | $16.7M | 8 | $57.3M | 0 |
| 2025-09-30 | 507 | $3.81B | 9 | $24.0M | 6 | $66.3M | 0 |
| 2025-06-30 | 500 | $3.83B | 6 | $18.5M | 9 | $62.6M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.