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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
EUROGR
Eurogrid GmbH€500
1EMEA
Oct 19, 2026
currency
EUR
size (m)
500.000
maturity
Oct 29, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
MS+130-135
ipt-pxd
-35.5
guidance
STL
spread
97
coupon
4.48%
spread set
-
price
100.00000
yield
4.48%
book size (m)
3,200
peak book (m)
3,300
x-covered
6.4
book attrition
-3.03%
nic
2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
3,200
peak book (m)
3,300
x-covered
6.4
book attrition
-3.03%
nic
2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 3200; Registration: Reg S Only; Comments: +110.3bps vs DBR 2.6% Aug-2034 (bid @ 94.730; HR: 101%). MWC: B+20. Tax Call: Yes. Clean-Up Call: 80%. LEI: 967600Q53854Z2NBCC81;
Guarantor(s)
50Hertz Transmission GmbH, 50Hertz Offshore GmbH
Use of Proceeds
The Notes are designated as "European Green Bond" or "EuGB" in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. An amount equivalent to the gross proceeds of the issuance of Notes will be applied to finance, refinance and/or invest in eligible activities in line with Eurogrid’s European Green Bond Factsheet (included in Eurogrid's Green Financing Framework) dated September 2025
Relative Value

EuGB 

8yr (Oct 2034) @ MS+130/135

Implied Spread for fresh 8yr @ MS+95
Priced at MS+97
NIC of +2


COMPS

Issuer

Rating (M/S/F)

Coupon (%)

Size (EUR mn)

Issue Date

Maturity Date

Tenor (yr)

Yield (%)

I-Spread (bps)

EUROGRID GMBH

-/BBB/-

3.075

650

Oct-24

Sep-27

1

3.54

30

EUROGRID GMBH

-/BBB/-

3.598

700

Feb-24

Feb-29

2.3

3.75

36

EUROGRID GMBH

-/BBB/-

2.886

500

Oct-25

Oct-29

3

3.94

54

EUROGRID GMBH

-/BBB/-

3.722

800

Apr-23

Apr-30

3.5

3.97

55

EUROGRID GMBH

-/BBB/-

3.279

750

Sep-22

Sep-31

4.9

4.08

64

EUROGRID GMBH

-/BBB/-

1.113

750

May-20

May-32

5.6

4.19

74

EUROGRID GMBH

-/BBB/-

0.741

500

Apr-21

Apr-33

6.5

4.31

85

EUROGRID GMBH

-/BBB/-

3.915

800

Feb-24

Feb-34

7.3

4.37

91

EUROGRID GMBH

-/BBB/-

3.732

1050

Oct-24

Oct-35

9

4.5

100

EUROGRID GMBH

-/BBB/-

4.056

1000

May-25

May-37

10.6

4.58

104

EUROGRID GMBH

-/BBB/-

4.065

50

Sep-23

Sep-38

11.8

4.66

110

EUROGRID GMBH

-/BBB/-

4.165

600

Oct-25

Oct-40

14

4.8

122