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UTILITIES: TenneT (TENN A3/A-/NR): German Grid Developments

UTILITIES
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Positive for bonds, shifts the probability of a par event up slightly although the outcome remains highly uncertain.

  • Bloomberg reports TenneT is looking at an IPO of the German grid assets, while also holding discussions with infrastructure investors about a possible stake sale.
  • Germany officials recently said they are now interested in a minority stake after attempts to make a full buyout fell through.
  • It’s unclear on this headline if these investors would participate alongside the German government, or what portion of the asset might change hands.
  • That’s important for bondholders as a “substantial” sale of the material subsidiary would be an event of default, allowing bondholders to demand par unless it can achieve a consent solicitation to change the docs.
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Positive for bonds, shifts the probability of a par event up slightly although the outcome remains highly uncertain.

  • Bloomberg reports TenneT is looking at an IPO of the German grid assets, while also holding discussions with infrastructure investors about a possible stake sale.
  • Germany officials recently said they are now interested in a minority stake after attempts to make a full buyout fell through.
  • It’s unclear on this headline if these investors would participate alongside the German government, or what portion of the asset might change hands.
  • That’s important for bondholders as a “substantial” sale of the material subsidiary would be an event of default, allowing bondholders to demand par unless it can achieve a consent solicitation to change the docs.