Commentary & Deal Flow

5yr: Final Books €3.4bn (incl. €225m JLM). Peak book above €3.8bn (incl. €225m JLM interests)

Launched: 5yr: €1.5bn @ MS+3bp - Books above €3.8bn (incl. €225m JLM interests)
Spread set at: 5yr: MS+3bp
Guidance: 5yr: MS+6a

• 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: 06-Oct-26 (T+5)
• Tranche: 5-year
• Maturity: 06-Oct-31
• Size: €1.5bn
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• Listing: Euronext Amsterdam
• Governing Law: Dutch Law
• Denoms: €100k+€1k
• ISIN / Common Code: XS3524267419 / 352426741
• 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 05-Dec-25
• Global Coordinators: Deutsche Bank, Santander
• Bookrunners: Commerzbank, Deutsche Bank (B&D), NatWest, Rabobank, Santander, SMBC
• 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
• Green Finance Framework & SPO: https://www.tennet.eu/nl-en/about-tennet/investor-relations/debt-information/green-financing
• Investor Presentation: https://www.tennet.eu/nl-en/about-tennet/investor-relations/investor-presentation
• State Guarantee: https://www.tennet.eu/nl-en/state-guarantee
• Timing: Books close at 11.30 CET. Allocation and pricing later today
• HR: 100% vs OBL 2.9 08-Oct-31 #194
• Hedge Deadline: 13.10 CET