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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
STEDIN
Stedin Holding NV€500
1EMEA
Sep 29, 2026
currency
EUR
size (m)
500.000
maturity
Oct 6, 2038
type
Fixed
tenor
12.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
A-
fitch
-
size description
-
re-open/tap
No
ipt
MS+130 area
ipt-pxd
-32
guidance
MS+100 area
spread
98
coupon
4.625%
spread set
-
price
99.47700
yield
4.683%
book size (m)
1,700
peak book (m)
2,000
x-covered
3.4
book attrition
-15.00%
nic
3
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
book size (m)
1,700
peak book (m)
2,000
x-covered
3.4
book attrition
-15.00%
nic
3
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 1700; Registration: Reg S Only; Comments: DBR 1 05/15/38 + 96.9bps / HR 114% / DBR at 74.760. Tax Call: Yes. MWC: B+15. Clean-Up Call: 75%. LEI: 724500R5IP6TFKTNRU48;
Use of Proceeds
To finance and/or refinance, in whole or in part, Eligible Green Assets as outlined in the Issuer’s Green Finance Framework dated September 2025
Relative Value

12yr (Oct 2038) @ MS+130a
Implied Spread for fresh 12yr @ MS+95
Priced at MS+98
NIC of +3


COMPS

 

Moody's

S&P

Fitch

Pricing

Coupon

Maturity

Tenor

Size

I-SPREAD

STEDIN HOLDING NV

-

A-

-

May-26

3.625

May-33

6.7

500

65

STEDIN HOLDING NV

-

A-

-

Feb-25

3.375

Feb-37

10.4

500

83

ALLIANDER NV

A1

A

-

Apr-25

3.5

May-37

10.6

500

81

ENEXIS HOLDING NV

A1

NR

AA

Apr-25

3.625

Apr-37

10.5

500

79

STATNETT SF

A2

A+

-

Oct-25

3.625

Oct-38

12.1

500

87