Commentary & Deal Flow

Reoffer: 7yr: MS+15bp / 99.657 / 3.431% 15yr: MS+37bp / 98.776 / 3.859%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.43% / 3.181% / B+25bp (HR: 102%) 15yr: DBR 2.6 15-May-41 @ 88.51% / 3.622% / B+23.7bp (HR: 107%)

Tranche 1 (7yr Green): Final books above €7.9bn (incl. €375m JLM). Peak book above €7.9bn (incl. €375m JLM)
Tranche 2 (15yr Green): Final books above €10bn (incl. €425m JLM). Peak book above €10bn (incl. €425m JLM)

Launched: 7yr: €1.5bn @ MS+15bp - Books above €6.5bn (incl. €450m JLM) 15yr: €1bn @ MS+37bp - Books above €8.5bn (incl. €425m JLM)
Guidance: 7yr: MS+18a 15yr: MS+40a

• Issuer: TenneT Netherlands B.V. (TENNNL)
• LEI: 724500N24X9VLIRO3K10
• Exp. Issue Rating: Aaa / AAA (Moody's / S&P)
• Status: Senior unsecured, unsubordinated, explicitly, unconditionally and irrevocably guaranteed by the State of the Netherlands
• Format: 0% RW, HQLA Level 1, Registered Notes, NSS, Reg S, Category 1
• Settlement: 10-Sep-26 (T+5)
• Maturity:
  • 7-year: 10-Sep-33
  • 15-year: 10-Sep-41
• Size:
  • 7-year: €1.5bn
  • 15-year: €1bn
• Reoffer:
  • 7-year: MS+15bp / 99.657% / 3.431%
  • 15-year: MS+37bp / 98.776% / 3.859%
• Benchmark:
  • 7-year: DBR 2.6 15-Aug-33 @ 96.43% / 3.181% / B+25bp (HR: 102%)
  • 15-year: DBR 2.6 15-May-41 @ 88.51% / 3.622% / B+23.7bp (HR: 107%)
• Coupon:
  • 7-year: 3.375%, Fixed, Annual, ACT/ACT (ICMA), full first coupon to be paid on 10-Sep-27
  • 15-year: 3.75%, Fixed, Annual, ACT/ACT (ICMA), full first coupon to be paid on 10-Sep-27
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Denoms: €100k+€1k
• ISIN / Common Code:
  • 7-year: XS3495741525 / 349574152
  • 15-year: XS3495741798 / 349574179
• 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). No EEA PRIIPs KID or UK disclosure document required by DISC
• 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 dated 5-Dec-25
• Global Coordinators: BNP Paribas, Deutsche Bank
• Bookrunners: ABN AMRO, BNP Paribas (B&D), Deutsche Bank, HSBC, ING and UniCredit
• Timing:
  • 7-year: ToE 15h33 CET / FTT 15h33 CET
  • 15-year: ToE 15h33 CET / FTT 15h33 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