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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
ENEXIS
Enexis Holding NV€750
1EMEA
Feb 16, 2026
currency
EUR
size (m)
750.000
maturity
Feb 25, 2032
type
Fixed
tenor
6.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A1
s&p
-
fitch
-
size description
-
re-open/tap
No
ipt
MS+85-90
ipt-pxd
-32.5
guidance
MS+60 area
spread
55
coupon
3.00%
spread set
-
price
99.73500
yield
3.049%
book size (m)
1,350
peak book (m)
2,000
x-covered
1.8
book attrition
-32.50%
nic
-
billing & delivering
active leads
ABN, BNP, ING, NTW, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,350
peak book (m)
2,000
x-covered
1.8
book attrition
-32.50%
nic
-
billing & delivering
active leads
ABN, BNP, ING, NTW, ...
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1350; Registration: Reg S Only; Comments: EUR750m 6yr fxd Green Bond, cpn 3.00% at 99.735, yld 3.049%. Spread: MS+55. DBR 0 02/15/32 +64.9bps // DBR @ 86.753 // 2.400% // HR 106%. Clean-Up Call: 80%. Par Call: 3m. LEI: 7245009Q5867Q0YC9Q13; ;
Deal Comments
REOFFER: MS+55bps / 99.735 / 3.049% (6y) BENCHMARK: DBR 0 02/15/32 @ 86.753 / B+64.9bps (6y) FINAL BOOKS: At reoffer >€1.35bn; DBR 0 02/15/32 HR 106% LAUNCHED: 6y: €750m @ MS+55 (Books in excess of €1.65bn at tight end of the guidance) GUIDANCE: MS+60a (Books in excess of €2bn) IPTs: MS+85-90bps Issuer: Enexis Holding N.V. (ENEXIS) Country: NL Issuer LEI: 7245009Q5867Q0YC9Q13 Issuer Ratings: A1 (stable) / AA- (stable) (Moody's / Fitch) Exp. Issue Rating: A1 by Moody's Format: Reg S Bearer, Category 2, TEFRA D, Fixed Rate, Green, Senior, Unsecured, NGN form Deal Size: €750m Ranking: Senior Unsecured Reference: DBR 0 02/15/32 +64.9bps // DBR @ 86.753 // 2.400% // HR 106% Coupon: 3% Fixed, Annual, Actual/Actual Active Bookrunners: ABN AMRO/BNP Paribas/ING (B&D)/NatWest/Rabobank/SEB UOP: Eligible Green Assets as per Enexis' Green Finance Framework dated April 2023 Call Features: MWC B+10bps, 3m Par Call, Clean-Up (80%) Documentation: EMTN Base Prospectus dated 26 March 2025, as supplemented on 5 November 2025 and on 23 January 2026 Denoms: €100k + €1k Listing: Euronext Amsterdam, including Euronext ESG Bonds Governing Law: Dutch Law Green Finance Framework: Issuer's Green Finance Framework and Second Party Opinion dated April 2023 available at https://www.enexisgroep.com/investor-relations/funding/ ISIN: XS3299702137 Timing: Pricing: 2/16 (TOE 15:46 CET / 14:46 UKT – FTT 16:15 CET / 15:15 UKT) Settlement: 02/25 (T+7)
Use of Proceeds
Eligible Green Assets as per Enexis’ Green Finance Framework dated April 2023
Relative Value

COMPS

ISSUER

Moody's

S&P

Fitch

Pricing Date

Coupon

Maturity

Tenor

Size

I-SPREAD

ENEXIS HOLDING NV

A1

NR

AA

Jun-19

0.75

Jul-31

5.4

500

52

ENEXIS HOLDING NV

A1

NR

AA

Jun-20

0.625

Jun-32

6.3

500

55

ENEXIS HOLDING NV

A1

NR

AA

Apr-25

3.25

Apr-33

7.1

500

60

ALLIANDER NV

A1

-

-

Jun-20

0.375

Jun-30

4.3

500

40

ALLIANDER NV

A1

-

-

Jun-19

0.875

Jun-32

6.4

300

48

ALLIANDER NV

-

A

-

Apr-25

3

May-33

7.2

500

59

STEDIN HOLDING NV

-

A-

-

Jun-24

3.625

Jun-31

5.3

500

50

STEDIN HOLDING NV

-

A-

-

Oct-25

3

Nov-32

6.7

500

61

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