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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
UKPONE
Eastern Power Networks PLC€500
1EMEA
Aug 24, 2026
currency
EUR
size (m)
500.000
maturity
Sep 2, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
A-
fitch
A-
size description
Will Not Grow
re-open/tap
No
ipt
MS+115 area
ipt-pxd
-32
guidance
RVSD: MS+85 area
spread
83
coupon
4.039%
spread set
-
price
100.00000
yield
4.039%
book size (m)
1,600
peak book (m)
2,000
x-covered
3.2
book attrition
-20.00%
nic
-4
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,600
peak book (m)
2,000
x-covered
3.2
book attrition
-20.00%
nic
-4
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1600; Registration: Reg S Only; Comments: DBR 2.6% 08/15/34 @ 96.12 (ISIN: DE000BU2Z031) | HR: 99%. LEI: 213800U5R8Q5KGM2KU56;
Use of Proceeds
Net proceeds will be used in accordance with the Issuer’s Green Bond Framework to finance and/or refinance new and/or existing green projects
Relative Value

Green
8yr (Sep 2034) @ MS+115a

Implied Spread for fresh 8yr @ MS+87

Priced at MS+83
NIC of -4


COMPS

Ticker

Issuer

Rating

Coupon

Size

Issue Dt.

Maturity

Years to Mat

ESG

Price

Z-Sprd

Bid-Yield

UKPONE

LONDON POWER NETWORKS

Baa1 / A- / A-

3.84%

EUR 500m

Jun-25

Jun-37

10.8

Green

96.7

94

4.22%

UKPONE

SOUTH E POWER NETWORKS

Baa1 / A- / A-

4.10%

EUR 500m

Mar-26

Mar-38

11.6

Green

97.83

104

4.34%

ESBIRE

ESB FINANCE DAC

A3 / A+ / -

4.00%

EUR 550m

Oct-22

May-32

5.7

 

101.1

66

3.77%

ESBIRE

ESB FINANCE DAC

A3 / A+ / -

4.25%

EUR 500m

Sep-23

Mar-36

9.5

Green

101.52

82

4.05%

NGGLN

NATL GRID ELECT TRANS

Baa1 / BBB+ / A

3.56%

EUR 650m

Jan-26

Feb-34

7.4

Green

97.07

86

4.02%

NGGLN

NAT GRID ELECTY EM

Baa1 / BBB+ / -

3.95%

EUR 500m

Sep-22

Sep-32

6.1

 

100.47

74

3.86%

ELIATB

ELIA TRANSMISSION BE

- / BBB+ / -

3.63%

EUR 500m

Jan-23

Jan-33

6.4

Green

99.37

60

3.74%

ELIATB

ELIA TRANSMISSION BE

- / BBB+ / -

3.50%

EUR 500m

Oct-25

Oct-35

9.1

Green

95.99

81

4.03%

IBESM

IBERDROLA FINANZAS SAU

Baa1 / BBB+ / A-

3.00%

EUR 750m

Sep-24

Sep-31

5.1

 

97.26

50

3.60%

IBESM

IBERDROLA FINANZAS SAU

Baa1 / BBB+ / A-

3.50%

EUR 750m

May-25

May-35

8.7

Green

96.86

72

3.93%

IBESM

IBERDROLA FINANZAS SAU

Baa1 / BBB+ / A-

3.75%

EUR 750m

Jun-26

Jun-36

9.8

Green

97.62

80

4.05%

ENGIFP

ENGIE SA

Baa1 / BBB+ / A-

3.38%

EUR 850m

Jun-26

Jul-32

5.9

Green

98.12

62

3.74%

ENGIFP

ENGIE SA

Baa1 / BBB+ / A-

4.25%

EUR 800m

Aug-23

Sep-34

8

 

101.4

86

4.04%

ENGIFP

ENGIE SA

Baa1 / BBB+ / A-

4.00%

EUR 750m

Jun-26

Jul-38

11.9

Green

96.74

105

4.36%