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Commentary & Deal Flow

NEW ISSUE: Eurogrid GmbH €500m 12yr Sr Unsec EuGB; MS+140/145bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

ISIN

Eurogrid GmbH

12yr

18-Aug-38

€500m

Sr Unsec

Fixed

MS+140/145

XS3464390767


IPTs: 12yr: MS+140/145bp


  • Issuer: Eurogrid GmbH (Ticker: EUROGR, Country: Germany)
  • Issuer LEI: 967600Q53854Z2NBCC81
  • Issuer Ratings: Baa2/BBB (Moody's/S&P)
  • Expected Issue Ratings: BBB by S&P
  • Guarantors: 50Hertz Transmission GmbH (LEI: 529900N6V96MBOIRXV55) and 50Hertz Offshore GmbH (LEI: 8755005LVIN8ES5KAA34)
  • Format: Senior, Unsecured, Reg S (Cat 2) Bearer NGN, European Green Bond
  • Size: €500m (Exp.)
  • Settlement: 18-Aug-26 (T+10)
  • Maturity: 18-Aug-38
  • Coupon: Fixed (Annual, Act/Act ICMA)
  • IPTs: MS+140-145 bps
  • Documentation: Eurogrid’s Debt Issuance Programme dated 13-May-26, as supplemented on 31-Jul-26 (the “Programme”) / Lux. Listing / German Law / Tax Call / 3m Par Call / Clean-up Call (80%) / MWC
  • Denomination: €100,000 x 100,000
  • Selling Restrictions: U.S. (Reg. S Cat. 2, TEFRA D), EEA, UK, Japan, Singapore and Canada as per the Programme.
  • UoP: The Notes are designated as "European Green Bond" or "EuGB" in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. An amount equivalent to the gross proceeds of the issuance of Notes will be applied to finance, refinance and/or invest in eligible activities in line with Eurogrid’s European Green Bond Factsheet (included in Eurogrid's Green Financing Framework) dated Sep-25. The European Green Bond Factsheet along with the pre-issuance review by Sustainable Fitch are available on the Issuer’s website at: https://www.eurogrid.com/en-us/Investor-Relations/Green-Financing
  • Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). For the avoidance of doubt, there will be no sales to retail investors under any jurisdiction in primary market. No EU PRIIPs key information document (KID) or UK PRIIPs CCI product summary has been prepared as the notes will not be made available to retail investors in the EEA or the UK.
  • Joint Bookrunners: ABN AMRO, BNP Paribas (B&D), Mizuho, Rabobank
  • Clearing: Euroclear Bank SA/NV / Clearstream Banking SA
  • ISIN / Common Code: XS3464390767 / 346439076
  • Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements and the final terms, when published, will be available at https://www.luxse.com/programme/Programme-Eurogrid/14143
  • Timing: Books open, today's business