Italy’s Terna talks €500 million 12-year green notes to yield mid-swaps plus 90 bps

By Rebecca Melvin

New York, July 17 – Terna Rete Elettrica Nazionale SpA was talking a €500 million offering of senior unsecured green notes due 2032 (expected ratings: Baa2/BBB+/A-) to yield mid-swaps plus 90 basis points on Friday, according to a market source.

Pricing was tightened from initial price talk at mid-swaps plus 125 bps to 130 bps.

Order books stood in excess of €2.2 billion at the time guidance was released.

The Regulation S deal was being sold via joint bookrunners Banca Akros, Banca IMI, BNP Paribas, Citigroup, Credit Suisse, J.P. Morgan (billing and delivery), Mediobanca, Santander and Unicredit.

The proceeds will be used to finance and/or refinance existing or future eligible projects under Terna’s green bond framework.

The company is Italy’s electric grid operator.

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