Tennet brings green hybrid flat to its curve

Tennet from corp media gallery 230x150
By Mike Turner
15 Jul 2020

Tennet, the Dutch utility, lit up the market with a €1bn green hybrid that came flat to its curve on Wednesday, though some away from the trade said they would have expected to see a slightly larger book for such a well-regarded issuer.

Tennet, rated A3/A- but printing at Baa3/BB+, opened books on a perpetual non-call October 2025 trade at 2.625% to 2.75%.

The issuer had the market almost to itself, with just a small €200m no grow tap of existing 10 year debt from Irish utility Electricity Supply Board to compete ...

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