TenneT ticks all the boxes to print green debt flat to inside curve in busy week

By Mike Turner
16 Nov 2020

TenneT, the Dutch transmission system operator, brought a dual tranche bond on Monday that was bang on trend as far as investors were concerned. The company's shrewd choice of a long dated green bond allowed it to increase the deal while printing it flat to or just through fair value.

TenneT, rated A3/A-, hit screens on Monday with a 12 year (November 2032) at initial price thoughts of 60bp-65bp over mid-swaps and a 20 year (November 2040) at 80bp-85bp over. Both tranches were expected to be €500m. 

The bid for green debt has outstripped that for conventional bonds this ...

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