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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
STEDIN
Stedin Holding NV€500
1EMEA
May 20, 2026
currency
EUR
size (m)
500.000
maturity
May 28, 2033
type
Fixed
tenor
7.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
A-
fitch
-
size description
-
re-open/tap
No
ipt
MS+100-105
ipt-pxd
-32.5
guidance
MS+75 area
spread
70
coupon
3.625%
spread set
-
price
99.14600
yield
3.766%
book size (m)
1,400
peak book (m)
1,700
x-covered
2.8
book attrition
-17.65%
nic
5
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,400
peak book (m)
1,700
x-covered
2.8
book attrition
-17.65%
nic
5
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1400; Registration: Reg S Only; Comments: DBR 2.3% Feb 2033 + 79.1 / DBR @95.93 / HR 102%. Tax Call: Yes. Par Call: 3m. MWC: Yes. Clean-Up Call: 80%. 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

Green

7 year (May 2033) @ MS+100 to +105

Implied Spread for fresh 5 year @ +65

Priced at MS +70

NIC of +5


COMPS

Issuer

Rating

Coupon

Maturity

Tenor

Sprd

STEDIN

A- (SnP)

2.375

Jun-30

4

46

STEDIN

A- (SnP)

3.625

Jun-31

5.1

51

STEDIN

A- (SnP)

3

Nov-32

6.5

61

STEDIN

A- (SnP)

3.375

Feb-37

10.7

93