DEAL: First corporate green hybrid bond

Author: Amélie Labbé | Published: 30 Mar 2017

TenneT finalised a three-day roadshow on March 24 for the issuance, selling €1 billion ($1.07 billion) worth of infinite maturity non-call seven-year notes with a coupon of 2.995% on March 29, below the expected 3.337-3.5% rate. It is nevertheless higher than most of TenneT’s previous debt issuances.  The bond was given a rating of Baa3/BB+.

TenneT currently has a Baa3-rated €500 million hybrid bond outstanding for which the interest is to be reset as of June 1 2017. It could replace it with this new green issuance as of that date. According to TenneT group treasurer Jeroen Dicker, hybrid capital is an integral part of TenneT's balance sheet and due to the growth of the company over the past years, an increase of hybrid capital stock within TenneT from €500 million to €750 million or even €1 billion is possible, depending on the...



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