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Commentary & Deal Flow

PRICED: TenneT Netherlands €2bn 10yr Green Senior Unsecured; MS+27bp

IGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA
  • Issuer

    Term

    Coupon

    Maturity

    Size

    Ranking

    Type

    Price

    Yield

    Spread

    IPT-PXD

    TenneT Netherlands

    10yr

    3.250%

    01-Apr-36

    €2bn

    Senior Unsecured

    Fixed

    99.597

    3.298%

    MS+27

    -4.0

  • Reoffer: 10yr: MS+27bp / 99.597 / 3.298%
    Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.421 / B+33.1bp (HR: 99%)
  • Peak book above €5.35bn (excl. JLM)
  • Guidance: 10yr: MS+28bp (+/-1) WPIR - Books above €5.35bn (excl. JLM)
    IPTs: 10yr: MS+31bp area
    • Issuer: TenneT Netherlands B.V.
    • Ticker: TENNNL
    • 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: €2 billion
    • Settlement: 01-Apr-26 (T+5)
    • Maturity: 01-Apr-36
    • Coupon: 3.250%, Fixed, Annual, ACT/ACT (ICMA), full first coupon to be paid on 01-Apr-27
    • Reoffer: MS + 27bps | 99.597 | 3.298%
    • Benchmark: DBR 2.9 15-Feb-36 @ 99.421 / b+33.1bps (HR: 99%)
    • 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: ToE 15h02 CET | FTT 15h15 CET
    • 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