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Kingdom of the Netherlands
TenneT GmbH & Co KG

TenneT GmbH & Co KG (TENNGR)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
TENNGR
TenneT GmbH & Co KG€3,500
4EMEA
Jul 7, 2026
currency
EUR
size (m)
1,000.000
maturity
Jul 15, 2030
type
Fixed
tenor
4.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+85 area
ipt-pxd
-32
guidance
MS+55 area
spread
53
coupon
3.25%
spread set
-
price
99.67600
yield
3.338%
book size (m)
4,700
peak book (m)
4,700
x-covered
4.7
book attrition
0.00%
nic
7
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
book size (m)
4,700
peak book (m)
4,700
x-covered
4.7
book attrition
0.00%
nic
7
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
currency
EUR
size (m)
750.000
maturity
Jul 15, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+115 area
ipt-pxd
-37
guidance
MS+80 area
spread
78
coupon
3.625%
spread set
-
price
99.25100
yield
3.735%
book size (m)
3,900
peak book (m)
5,500
x-covered
5.2
book attrition
-29.09%
nic
3
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
book size (m)
3,900
peak book (m)
5,500
x-covered
5.2
book attrition
-29.09%
nic
3
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
currency
EUR
size (m)
1,000.000
maturity
Jul 15, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+140 area
ipt-pxd
-37
guidance
MS+105 area
spread
103
coupon
4.125%
spread set
-
price
99.85100
yield
4.141%
book size (m)
6,900
peak book (m)
7,000
x-covered
6.9
book attrition
-1.43%
nic
1
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
book size (m)
6,900
peak book (m)
7,000
x-covered
6.9
book attrition
-1.43%
nic
1
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
currency
EUR
size (m)
750.000
maturity
Jul 15, 2046
type
Fixed
tenor
20.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
A-
size description
-
re-open/tap
No
ipt
MS+175 area
ipt-pxd
-32
guidance
MS+145 area
spread
143
coupon
4.625%
spread set
-
price
99.11700
yield
4.694%
book size (m)
5,900
peak book (m)
5,900
x-covered
7.87
book attrition
0.00%
nic
-2
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
book size (m)
5,900
peak book (m)
5,900
x-covered
7.87
book attrition
0.00%
nic
-2
billing & delivering
ING
active leads
BNP,CMZ,DEU,GSC,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
CMZ
Tranche Comments
Book size: 4700; Registration: Reg S Only; Comments: 69.2bps vs OBL 2.4 04/18/30 @99.12 / 2.646% (HR: 104%). CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 894500W0C55HJG1HFU36; Book size: 3900; Registration: Reg S Only; Comments: 85.9bps vs DBR 2.2 02/15/34 @95.43 / 2.876% (HR: 103%). CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 894500W0C55HJG1HFU36; Book size: 6900; Registration: Reg S Only; Comments: 95.6bps vs DBR 1 05/15/38 @78.71 / 3.185% (HR: 109%). CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 894500W0C55HJG1HFU36; Book size: 5900; Registration: Reg S Only; Comments: 125.6bps vs DBR 2 1/2 07/04/44 @87.57 / 3.438% (HR: 104%). CoC: 100%. Tax Call: Yes. Clean-Up Call: 75%. LEI: 894500W0C55HJG1HFU36;
Deal Comments
Total deal size: Exp EUR 3-3.5bn
Use of Proceeds
An amount equal to the gross proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance the project(s) described in the Issuer's European Green Bond Factsheet dated 16 April 2026
Relative Value

4yr (July 2030) @ MS+85 area

Implied Spread for fresh 4yr @ MS+46

Priced at MS+53
NIC of 7


8yr (July 2034) @ MS+115 area

Implied Spread for fresh 8yr @ MS+75

Priced at MS+78
NIC of 3


12yr (July 2038) @ MS+140 area

Implied Spread for fresh 12yr @ MS+102

Priced at MS+103
NIC of 1


20yr (July 2046) @ MS+175 area

Implied Spread for fresh 8yr @ MS+145

Priced at MS+143
NIC of -2

COMPS

Ticker

Rating

Coupon

Maturity

Tenor

Size

I-Sprd

Label

4Y Comparables

IBESM

Baa1/BBB+/A-

3.13%

Jun-30

4.0y

750m

39

Green

ENBW

Baa1/A-/-

3.85%

May-30

3.9y

650m

39

Green

ENGIFP

Baa1/BBB+/A-

3.63%

Jan-30

3.5y

1,100m

44

Green

EOANGR

Baa2/BBB+/A-

3.38%

Jan-31

4.5y

750m

44

Green

EOANGR

Baa2/BBB+/A-

3.48%

May-31

4.9y

650m

56

Green

AMPRIO

Baa2/-/A-

3.13%

Aug-30

4.1y

500m

56

Green

EUROGR

-/BBB/-

3.72%

Apr-30

3.8y

800m

56

 

8Y Comparables

IBESM

Baa1/BBB+/A-

3.63%

Jul-34

8.0y

750m

66

Green

ENBW

Baa1/A-/-

4.30%

May-34

7.9y

850m

75

Green

EOANGR

Baa2/BBB+/A-

3.45%

Jan-34

7.5y

750m

75

 

ENGIFP

Baa1/BBB+/A-

3.88%

Dec-33

7.4y

900m

75

Green

AMPRIO

Baa2/-/A-

0.63%

Sep-33

7.2y

800m

82

 

AMPRIO

Baa2/-/-

4.13%

Sep-34

8.2y

700m

88

Green

EUROGR

-/BBB/-

3.92%

Feb-34

7.6y

800m

86

Green

12Y Comparables

IBESM

Baa1/BBB+/A-

3.75%

Jun-36

10.0y

750m

80

Green

ENBW

Baa1/A-/-

4.00%

Jul-36

10.0y

550m

87

Green

ENBW

Baa1/A-/WD

6.13%

Jul-39

13.0y

600m

94

 

EOANGR

Baa2/BBB+/A-

4.05%

May-36

9.9y

650m

91

Green

EOANGR

Baa2/BBB+/A-

3.90%

Jan-38

11.5y

850m

96

Green

EUROGR

-/BBB/-

4.06%

May-37

10.9y

800m

101

Green

ENGIFP

Baa1/BBB+/A-

4.00%

Jul-38

12.0y

750m

102

Green

AMPRIO

Baa2/-/A-

4.07%

Jan-38

11.5y

1,000m

104

Green

AMPRIO

Baa2/-/A-

3.85%

Aug-39

13.1y

600m

114

Green

20Y Comparables

EOANGR

Baa2/BBB+/A-

4.13%

Mar-44

17.7y

1,000m

105

Green

EUROGR

-/BBB/-

4.17%

Oct-40

14.3y

600m

120

Green

ENGIFP

Baa1/BBB+/A-

4.25%

Mar-44

17.7y

600m

132

Green

AMPRIO

Baa2/-/A-

4.58%

Jan-46

19.5y

900m

140

Green

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Jul 7, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: TenneT Germany €3.5bn 4-part Sr Unsec EuGB; MS+53 / MS+78 / MS+103 / MS+143Jul 7, 2026
ALLOCATIONS OUT: TenneT Germany €3.5bn 4-part Sr Unsec EuGB; MS+53 / MS+78 / MS+103 / MS+143Jul 7, 2026
LAUNCHED: TenneT Germany €3.5bn 4yr, 8yr, 12yr & 20yr EuGB Sr Unsec; MS+53, MS+78, MS+103 & MS+143Jul 7, 2026
GUIDANCE: TenneT Germany €3-3.5bn (exp) 4yr, 8yr, 12yr & 20yr EuGB Sr Unsec; MS+55a, MS+80a, MS+105a & MS+145aJul 7, 2026
NEW ISSUE: TenneT Germany € bmk 4yr, 8yr, 12yr & 20yr EuGB Sr Unsec; MS+85a, MS+115a, MS+140a & MS+175aJul 7, 2026
MANDATE: TenneT Germany Inv Calls; Reg S € multi-tranche EuGB Sr Unsec Offering May FollowJul 6, 2026
1 to 6 of 6
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About
Careers
Contact
Solutions
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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