EM
Emerging Markets
APICareer PortalPricing
No results found for "".
Asset Backed Securities
Utilities
Electric Utilities
Parent Companies
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€2,600
2EMEA
Aug 25, 2026
currency
EUR
size (m)
1,200.000
maturity
Dec 3, 2056
type
Fixed Rate Reset
tenor
30.250
call
5.25
registration
Reg S Only
benchmark
DBR
ranking
Subordinated
moody's
Baa2
s&p
-
fitch
BBB
size description
-
re-open/tap
No
ipt
4.875% area
ipt-pxd
-50
guidance
STL
spread
128.9
coupon
4.25%
spread set
-
price
99.44200
yield
4.375%
book size (m)
2,500
peak book (m)
6,700
x-covered
2.08
book attrition
-62.69%
nic
-
billing & delivering
ING
active leads
CAG,DEU,ING,MIZ,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
MOS
book size (m)
2,500
peak book (m)
6,700
x-covered
2.08
book attrition
-62.69%
nic
-
billing & delivering
ING
active leads
CAG,DEU,ING,MIZ,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
MOS
currency
EUR
size (m)
1,400.000
maturity
Mar 3, 2057
type
Fixed Rate Reset
tenor
30.500
call
8.50
registration
Reg S Only
benchmark
DBR
ranking
Subordinated
moody's
Baa2
s&p
-
fitch
BBB
size description
-
re-open/tap
No
ipt
5.375% area
ipt-pxd
-57.5
guidance
STL
spread
166.2
coupon
4.75%
spread set
-
price
99.68500
yield
4.80%
book size (m)
4,250
peak book (m)
7,300
x-covered
3.04
book attrition
-41.78%
nic
-
billing & delivering
ING
active leads
CAG,DEU,ING,MIZ,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
MOS
book size (m)
4,250
peak book (m)
7,300
x-covered
3.04
book attrition
-41.78%
nic
-
billing & delivering
ING
active leads
CAG,DEU,ING,MIZ,...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
MOS
Tranche Comments
Book size: 2500; First Pay: 2026-12-03; Redemption: 2031-09-03; Registration: Reg S Only; Comments: Deal Stats: By Geography: UK & Ireland 41%, France 24%, DACH 20%, Southern Europe 5%, Benelux 4%, Nordics 4%, Other 2%. By Investor Type: Asset Manager 87%, Insurance/Pension 6%, Hedge Fund 6%, Bank 1%. DBR 0 08/2032 (86.77 / 2.898% / B+147.7bps). MWC: B+25. CoC: Yes. Tax Call: Yes. Clean-Up Call: 25%. LEI: 894500W0C55HJG1HFU36; Book size: 4250; First Pay: 2027-03-03; Redemption: 2034-12-03; Registration: Reg S Only; Comments: Deal Stats: By Geography: UK & Ireland 30%, DACH 23%, Benelux 20%, France 20%, Nordics 3%, Southern Europe 3%, Other 1%. By Investor Type: Asset Manager 71%, Insurance/Pension 15%, Hedge Fund 7%, Official Institution 4%, Bank 2%, Other 1%. DBR 2.6% 08/2034 (96.534 / 3.097 / B+170.3bps). MWC: B+25. CoC: Yes. Tax Call: Yes. Clean-Up Call: 25%. LEI: 894500W0C55HJG1HFU36;
Deal Comments
Combined books >€14bn (pre-rec)
Use of Proceeds
The Notes are designated as "European Green Bonds" or "EuGB" in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). 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

COMPS

Senior Bonds (TENNGR):

Ticker

Size

Cpn

Ratings (M/S/F)

Maturity

Tenor (yrs)

I-Spd (bid)

 

 

TENNGR

1,000M

3.25%

Baa1/BBB+/A-

Jul-30

3.9

45

 

 

TENNGR

750M

3.63%

Baa1/BBB+/A-

Jul-34

7.9

70

 

 

TENNGR

1,000M

4.13%

Baa1/BBB+/A-

Jul-38

11.9

95

 

 

TSO Hybrids:

Ticker

Size

Cpn

Ratings (M/S/F)

Reset

Time to Reset (yrs)

I-Spd

Sub-Senior

YTR

AMPRIO

500M

4.25%

Baa3/-/BBB

Jul-31

4.9

145

~75

4.55%

AMPRIO

500M

4.75%

Baa3/-/BBB

Apr-34

7.7

175

~85

4.91%

REESM

500M

4.38%

-/BBB-/BBB-

Apr-32

5.6

153

~90

4.64%

TRNIM

850M

3.88%

Baa3/BBB/-

Feb-32

5.5

148

~92

4.56%

Utility Hybrids:

Ticker

Size

Cpn

Ratings (M/S/F)

Reset

Time to Reset (yrs)

I-Spd

Sub-Senior

YTR

IBESM

1,000M

3.75%

Baa3/BBB-/BBB

Nov-31

5.2

135

~85

4.42%

IBESM

600M

3.95%

Baa3/BBB-/BBB

Mar-33

6.6

140

~85

4.52%

ENGIFP

1,000M

4.37%

Baa3/BBB-/BBB

Jul-31

4.9

144

~85

4.55%

ENGIFP

600M

4.83%

Baa3/BBB-/BBB

Apr-34

7.7

166

~80

4.84%

ENBW

500M

3.63%

Baa2/BBB-/-

May-31

4.7

144

~90

4.49%

ENBW

500M

4.50%

Baa2/BBB-/-

Jul-34

7.9

165

~83

4.83%

ENBW

500M

4.50%

Baa2/BBB-/-

Feb-36

9.5

180

~86

5.02%

SSELN

650M

4.38%

Baa3/BBB-/BBB

Sep-31

5.1

140

~80

4.49%

SSELN

650M

4.75%

Baa3/BBB-/BBB

Jun-34

7.8

168

~85

4.86%

Recent Hybrids:

Ticker

Size

Cpn

Ratings (M/S/F)

Reset

Time to Reset (yrs)

I-Spd

Sub-Senior

YTR

SIKASW

500M

4.38%

-/BBB/-

May-32

5.75

133

~85

4.45%

SIKASW

500M

4.88%

-/BBB/-

May-35

8.75

166

~115

4.88%

SCMNVX

500M

4.13%

Baa2/BB-/-

Feb-32

5.5

117

~65

4.28%

Hide Details

Commentary

All Commentary
CreditFlow: End of Day (Europe IG)Aug 25, 2026
1 to 1 of 1

Deal Flow

All Deal Flow
PRICED: TenneT GmbH & Co KG €2.6bn 30.25NC5.25 Sub & 30.5NC8.5 Sub; 4.375% & 4.8%Aug 25, 2026
ALLOCATIONS OUT: TenneT GmbH & Co KG €2.6bn 30.25NC5.25 & 30.5NC8.5 Sub; 4.375% & 4.8%Aug 25, 2026
LAUNCHED: TenneT GmbH & Co KG €2.6bn 30.25NC5.25 & 30.5NC8.5 Sub Fixed Rate Reset; 4.375% & 4.8%Aug 25, 2026
UPDATE (BOOKS): TenneT GmbH & Co KG € bmk 30.25NC5.25 & 30.5NC8.5 Sub; 4.875%a & 5.375%aAug 25, 2026
NEW ISSUE: TenneT GmbH & Co KG € bmk 30.25NC5.25 Sub Fixed Rate Reset & 30.5NC8.5 Sub Fixed Rate Reset; 4.875%a & 5.375%aAug 25, 2026
MANDATE: TenneT Germany Inv Calls 21 & 24-Aug; Reg S € 30.25NC5.25 & 30.5NC8.5 EuGB Hybrid Offering May FollowAug 21, 2026
1 to 6 of 6
COMPANY
About
Careers
Contact
Solutions
CREDITFLOW
API Overview
API Documentation
Global Issuers List
Global Parents List
Pricing
OpenMarket Profiles
PRODUCTS
Career Portal
CapEdge
CreditFlow
Deal Roadshow
DealVDR
Evercall
More
SALES & SUPPORT
Americas
+1 888 997 6610
APAC
+852 3018 1600
EMEA
+44 80817 87364
support@creditflowresearch.com
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
CompliancePrivacySecurityTerms