Commentary & Deal Flow

7yr: Final Books > €2bn. Peak book > €2.3bn

Launched: 7yr: €500m @ MS+140bp - Books > €2.3bn
Book Update: Books above €1.5 bn
IPTs: 7yr: MS+165/170bp

• Issuer: GEK TERNA
• Issuer LEI code: 2138003TO2MTRHWVP686
• Issuer Rating: Baa3 Stable / BBB- Stable (Moody's / S&P)
• Exp. Issue Ratings: Baa3 / BBB- (Moody's / S&P)
• Ranking: Senior Unsecured Notes
• Format: Bearer, NGN, TEFRA D, Reg S Cat. 2
• Currency: €
• Size: €500m
• Pricing date: 26-Oct-26
• Settlement: 02-Nov-26 (T+5)
• Maturity: 02-Nov-33
• Redemption: 100% of the Nominal Amount at Maturity
• Coupon: Fixed (Ann, ACT/ACT ICMA)
• Listing: Luxemburg Stock Exchange
• Docs: Issued off the Issuer's Euro 1 billion EMTN Programme established on 14-Oct-26
• Governing Law: English Law
• Optional Redemption: 3-month Par Call / Relevant Event Put / Change of Control Put / MWC / Clean-up Call (80%)
• UoP: General Corporate Purposes
• Denoms: €100k + €1k
• Joint Global Coordinators: BNP Paribas, J.P. Morgan (B&D), Mediobanca
• Joint Bookrunners: AXIA, Citigroup, Deutsche Bank, Eurobank, Goldman Sachs Bank Europe SE, HSBC, Morgan Stanley, National Bank of Greece, Piraeus Bank, Optima Bank
• Clearing System: Euroclear / Clearstream
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels) and retail clients (as defined in MiFID II) that are in a financial situation to be able to bear a loss of their entire investment in the Notes. Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No key information document (KID) required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") has been prepared as the Notes do not fall within the scope of the PRIIPs Regulation. No disclosure document required by the DISC has been prepared as the Notes will not be made available to retail investors in the UK
• Marketing: URL: https://dealroadshow.finsight.com Deal Entry Code: PJTPOLIS26 Direct Link: https://dealroadshow.finsight.com/e/PJTPOLIS26
• Selling Restrictions: As per the EMTN Programme Base Prospectus. Reg S; TEFRA rules apply
• Timing: Today's business
• ISIN / Common Code: XS3550567245 / 355056724
• Advertisement: The Base Prospectus and any supplements are available via https://www.luxse.com/programme/Programme-GEKTerna/25085
• Books Subject Deadline: 13.00 UKT / 14.00 CET
• Hedge Ratio: 93% vs DBR 3.3 15-Nov-33
• Hedge Deadline: 15.55 UKT / 16.55 CET