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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
ANVAU
Ausnet Services Holdings Pty Ltd€620
1APAC
Oct 12, 2026
currency
EUR
size (m)
620.000
maturity
Apr 21, 2037
type
Fixed
tenor
10.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
Baa1
s&p
BBB+
fitch
-
size description
Expected
re-open/tap
No
ipt
MS+150 area
ipt-pxd
-33
guidance
MS+120 area
spread
117
coupon
4.7407%
spread set
-
price
100.00000
yield
4.744%
book size (m)
2,200
peak book (m)
2,750
x-covered
3.55
book attrition
-20.00%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,750
x-covered
3.55
book attrition
-20.00%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; Registration: Reg S Only; Comments: 125.4bps vs DBR 4 01/04/37 @ 104.31 / 3.49% (HR: 93%). MWC: B+20. CoC: 100%. Tax Call: Yes. DBR 4.00% due 4 January 2037. LEI: TTMIG9TE1S0X3ZPDHD61. CD: Yes, refer to T&Cs. NP: Yes, refer to T&Cs. Listing: Australian Securities Exchange;
Deal Comments
This deal was upsized from EUR500m to EUR620m. Guarantors: AusNet Gas Services Pty Ltd (ABN 43 086 015 036); AusNet Asset Services Pty Ltd (ABN 27 075 826 881); AusNet Electricity Services Pty Ltd (ABN 91 064 651 118); AusNet Transmission Group Pty Ltd (ABN 78 079 798 173) together with any Subsidiary of AusNet appointed from time to time
Use of Proceeds
To repay existing debt and for general corporate purposes
Relative Value

COMPS

Ticker

Ratings

Coupon

Maturity

Tenor

I-Spd

ANVAU

Baa1/BBB+

3.75

08/05/2035

8.6

103

AUSGF

Baa1/BBB

3.51

14/02/2033

6.4

89

NETFIN

Baa1

3.5

05/09/2033

7

91

TCLAU

Baa1/BBB+A-

3.974

12/03/2036

9.5

105

TCLAU

Baa1/BBB+A-

4.033

26/11/2037

11.2

109

UKPONE

Baa1/A-/A-

4.039

02/09/2034

7.9

82

ELIATB

-/BBB+/-

3.5

08/10/2035

9

87

ESBIRE

A2/A+

4.375

29/01/2037

10.3

88

FLUVIU

A3

3.75

16/02/2036

9.4

93

EOANGR

Baa2/BBB+/A-

4.053

27/05/2036

9.7

98

TENNGR

Baa1/BBB+/A-

4.125

15/07/2038

11.8

98

ELLEVI

/BBB/

3.75

14/05/2035

8.6

99

SRGIM

Baa1/A-/BBB+

3.875

22/06/2036

9.7

100

EOANGR

Baa2/BBB+/A-

3.895

19/01/2038

11.3

101

RWE

Baa2/-/BBB+

4

06/07/2037

10.8

103

EUROGR

-/BBB/-

4.056

28/05/2037

10.7

110

NGGLN

Baa2/BBB/-

4.268

15/04/2037

10.6

115