TenneT Germany successfully debuts in debt capital markets with inaugural EuGB €3.5 billion multi-tranche senior bond

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TenneT Germany successfully debuts in debt capital markets with inaugural EuGB €3.5 billion multi-tranche senior bond

• Total issuance volume of €3.5 billion across four tranches with maturities of 4, 8, 12 and 20 years
• Green bonds issued in accordance with EU Green Bond Regulation and ICMA Green Bond Principles (2025)
• Strong investor demand with an order book ~6.3 times oversubscribed
• €1k denomination enabling broad participation across institutional and retail investors

TenneT Germany today successfully priced its inaugural senior green bonds, marking the company’s debut in the debt capital markets and the start of becoming a frequent issuer. The multi-tranche transaction represents an important step in the execution of TenneT Germany’s long-term financing strategy and underscores its ability to efficiently fund its substantial investment programme at scale.

The issuance comprises four tranches with maturities of 4 (coupon of 3.25% p.a.), 8 (coupon of 3.625% p.a.), 12 (coupon of 4.125% p.a.) and 20 years (coupon of 4.625% p.a.), totalling €3.5 billion. The transaction represents by far the largest European Green Bond (EuGB) issuance ever executed in the EUR corporate debt capital markets, setting a new benchmark for sustainable corporate financing. The tranches will be issued under TenneT Germany’s €35 billion Debt Issuance Programme (dated 13 April 2026 and supplemented on 3 July 2026). The bonds have a denomination of €1k and will be listed on the regulated market of the Luxembourg Stock Exchange with expected display on the Luxembourg Green Exchange (LGX). The bonds will be issued in accordance with the EU Green Bond Regulation, TenneT Germany’s European Green Bond Factsheet (as assessed by the Pre-Issuance Review) and in compliance with the ICMA Green Bond Principles (2025) and the TenneT Germany’s Green Finance Framework as assessed by the Second Party Opinion.

The transaction was met with very strong investor demand, with the order book reaching a peak oversubscription of ~6.3 times across all tranches. A broad and high-quality investor base across Europe and internationally participated in the offering, underlining strong confidence in TenneT Germany’s credit profile.

“This inaugural bond issuance marks a significant milestone for TenneT Germany and an important step in establishing our independent access to debt capital markets,” said Dr Markus Binder, CFO of TenneT Germany. “It reflects the strong confidence investors place in our robust business model and our central role in shaping the energy system of the future. At the same time, this transaction is only the beginning as it lays the foundation for our long-term debt capital markets presence and supports the financing of our substantial investment plans in a sustainable and scalable way.”

The Joint Active Bookrunners were BNP PARIBAS, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, ING and LBBW. ING acted as the Sole Sustainability Structurer.

Press Contact
Maria-Elena Richter
+49 151 217 84235
maria-elena.richter@tennet.eu

About TenneT Germany
TenneT Germany is the largest transmission system operator in Germany. The company operates critical infrastructure that secures access to a reliable, sustainable and affordable electricity supply. TenneT Germany is one of the largest investors in electricity grids on land and at sea in Germany. Located at the Northwest European energy crossroads, TenneT Germany connects: North and South. Offshore and Onshore. Germany and Europe. With its more than 5,000 employees, the company builds, maintains and operates Germany’s largest transmission grid with a length over 14,700 km connecting more than a third of the European Union’s total offshore wind capacity. The connection of the North Sea as one of the world’s largest renewable energy sources plays a central role in this. The company’s growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture.
Lighting the way ahead together

 

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