GEK Terna proposes €500 million bond issuance

GEK Terna has announced plans for a potential €500 million bond issuance under its Medium-Term Note (EMTN) program. The proposed bonds are expected to be 7-year, senior, unsecured, fixed-rate instruments.

To facilitate the process, the company has appointed BNP Paribas S.A., J.P. Morgan S.E., and Mediobanca as Global Coordinators and Joint Bookrunners. A series of meetings with institutional investors is scheduled to begin on Monday, October 19, 2026, to gauge market interest. The final offering remains subject to market conditions.

The bonds are anticipated to receive credit ratings of BBB- from S&P Global Ratings and Baa3 from Moody’s Ratings. Net proceeds from the issuance are intended for general corporate purposes.

In related market analysis, UBS has identified GEK Terna as one of its top 20 European small and mid-cap investment choices, maintaining a ‘Buy’ recommendation. Analysts suggest the company's shift toward concession-based models, such as Attiki Odos and Egnatia Odos, may enhance financial predictability and profitability.