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Electrical Components & Equipment
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Heavy Electrical Equipment
Highways & Railtracks
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Asset Backed Securities
Energy
Integrated Oil & Gas
Parent Companies
Eni SpA
Var Energi ASA
Var Energi ASA (VARNO)
Deal Details
C/P
Industry
Status
Ticker(s)
Issuer(s)
Size(m)
Tranches
Region
Date
IGC
ENGY
PRCD
VARNO
Var Energi ASA
€750
1
EMEA
Apr 22, 2026
Tranche #1
Var Energi ASA
BBG021V80J38
currency
EUR
size (m)
750.000
maturity
Apr 29, 2086
type
Fixed Rate Reset
tenor
60.000
call
5.25
registration
Reg S Only
benchmark
-
ranking
Jr. Subordinated
moody's
Ba2
s&p
BB+
fitch
-
size description
-
re-open/tap
No
ipt
5.75% area
ipt-pxd
-62.5
guidance
5.25% a (+/-12.5)
spread
-
coupon
4.95%
spread set
-
price
99.23500
yield
5.125%
book size (m)
3,200
peak book (m)
5,000
x-covered
4.27
book attrition
-36.00%
nic
-
billing & delivering
CTI
active leads
CTI
,
ING
,
UNI
joint leads
BAM
,
BBV
,
BRC
,
CTI
,
...
passive leads
-
co-managers
-
coordinating managers
CTI
,
ING
,
UNI
book size (m)
3,200
peak book (m)
5,000
x-covered
4.27
book attrition
-36.00%
nic
-
billing & delivering
CTI
active leads
CTI
,
ING
,
UNI
joint leads
BAM
,
BBV
,
BRC
,
CTI
,
...
passive leads
-
co-managers
-
coordinating managers
CTI
,
ING
,
UNI
Tranche Comments
Book size: 3200; First Pay: 2031-07-29; Redemption: 2031-04-29; Registration: Reg S Only; Comments: EUR750m 60yr NC5.25, Hybrid fxd-rate-reset cpn 4.95% at 99.235, yld 5.125%. Spread: MS+230.8bps. 243.7bps vs. OBL 2.5% 04/31 @99.118. Tax Call: Yes. MWC: B+40. Par Call: Yes. CoC: 101%. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 549300LIVN3FFOJN2K47;
Deal Comments
Hybrid Bond
Use of Proceeds
Refinancing of a portion of the Issuer's existing senior debt and/or general corporate purposes
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PRICED: Vår Energi ASA €750m 60NC5.25 Sub; 5.125%
Apr 22, 2026
LAUNCHED: Vår Energi ASA €750m 60NC5.25 Sub; 5.125%
Apr 22, 2026
GUIDANCE: Vår Energi ASA €750m 60NC5.25 Sub; 5.25%a +/- 12.5bp
Apr 22, 2026
NEW ISSUE: Vår Energi ASA € bmk 60NC5.25 Sub; 5.750%a
Apr 22, 2026
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