Commentary & Deal Flow

IPTs: 10yr: MS+31bp area

• Issuer: TenneT Netherlands B.V.
• LEI: 724500N24X9VLIRO3K10
• Exp. Issue Rating: Aaa/AAA (Moody's/S&P)
• Status: Senior unsecured, unsubordinated, unconditionally and irrevocably guaranteed by the State of the Netherlands
• Format: Bearer Notes, Reg S, Category 1
• Size: € Benchmark
• Settlement: 01-Apr-26 (T+5)
• Maturity: 01-Apr-36
• Coupon: Fixed, Annual, ACT/ACT (ICMA), full first coupon to be paid on 01-Apr-27
• Guidance: MS+31bp area
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Denoms: €100k+€1k
• ISIN / Common Code: XS3329155504 / 332915550
• Target Market: The manufacturer target markets (MIFID II and UK MiFIR product governance) as assessed by the lead managers are eligible counterparties and professional clients only (all distribution channels).
• Docs: Issuer's EMTN Programme
• UoP: An amount equivalent to the net proceeds from the issue of the notes will be used to finance, refinance and/or invest in Eligible Green Investments, as set out in the Issuer’s Green Financing Framework
• Global Coordinators: BNP Paribas, Santander
• Bookrunners: BNP Paribas, Commerzbank, NatWest, Rabobank, Santander (B&D), SMBC
• Timing: Books open, today's business
• Advertisement: The Prospectus, any supplements thereto, and the Final Terms (when published) will be available at: https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/emtn-programme