# GEK TERNA Euro Medium Term Note Programme

> Live situation record from CLSTR: https://clstr.news/situations/gek-terna-euro-medium-term-note-programme
> Updated: 2026-10-26T11:23:00.000Z. Sources: 17. Developments: 3.

GEK TERNA established a Euro Medium Term Note Programme (EMTN) to expand its financing options in international capital markets. This 12-month, annually renewable programme follows the company receiving investment-grade credit ratings of BBB- from S&P Global Ratings and Baa3 from Moody’s.

Following the establishment of the framework, the company proposed a potential €500 million bond issuance under the EMTN programme. The proposed instruments were expected to be 7-year, senior, unsecured, fixed-rate bonds intended for general corporate purposes. To facilitate the issuance, GEK TERNA appointed BNP Paribas S.A., J.P. Morgan S.E., and Mediobanca as Global Coordinators and Joint Bookrunners, with investor meetings scheduled to begin on October 19, 2026.

On October 26, 2026, GEK TERNA successfully completed the issuance of a seven-year Eurobond totaling €500 million. The offering was oversubscribed 4.6 times, with total bids reaching €2.3 billion. This high demand allowed the group to secure a bond coupon of 4.75%. 

Major international institutional investors, including DWS Group, Loomis Sayles, Rothschild, and Generali, participated in the issuance. Notably, there was zero allocation to Greek banks, as the securities were distributed entirely to international investors. The proceeds are intended to cover general corporate purposes and refinance existing debt, specifically a previous seven-year bond maturing in 2027. This issuance, following a €659 million capital increase in July, strengthens the group's liquidity position, which is estimated at approximately €2.2 billion. The bond is set to mature on November 2, 2033, and is expected to be listed on the Luxembourg Stock Exchange as part of the company’s €1 billion EMTN programme.

## Claims

- GEK TERNA attracted €5.3 billion in total investment demand over the last four months. (corroborated by 2 sources)
- A €659 million capital increase in July attracted approximately €3 billion in offers. (corroborated by 2 sources)
- More than 95% of the demand for the capital increase came from international investors. (corroborated by 2 sources)
- A €500 million bond issuance received €2.3 billion in bids, representing a 4.6 times oversubscription. (corroborated by 2 sources)
- The Group's available liquidity is approximately €2.2 billion. (corroborated by 2 sources)
- The next major parent-level debt maturity of €300 million is scheduled for December 2028. (corroborated by 2 sources)
- S&P and Moody’s have granted the Group investment grade ratings. (single source)

## Timeline

### 2026-10-26: GEK Terna completes €500 million eurobond issuance

GEK Terna's €500 million seven-year eurobond was 4.6 times oversubscribed, attracting €2.3 billion in bids from international investors with a final 4.75% coupon.

11 sources. https://clstr.news/cluster/gek-terna-secures-500-million-via-oversubscribed-eurobond

### 2026-10-19: GEK Terna proposes €500 million bond issuance

GEK Terna is exploring a €500 million, 7-year senior bond issuance under its EMTN program to fund general corporate purposes, with investor meetings starting October 19, 2026.

4 sources. https://clstr.news/cluster/gek-terna-proposes-500-million-bond-issuance

### 2026-10-14: GEK TERNA establishes Euro Medium Term Note Programme

GEK TERNA has launched a Euro Medium Term Note Programme to access international eurobond markets following its recent investment-grade credit ratings from S&P and Moody’s.

8 sources. https://clstr.news/cluster/gek-terna-establishes-euro-medium-term-note-programme

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Cite as: GEK TERNA Euro Medium Term Note Programme. CLSTR, https://clstr.news/situations/gek-terna-euro-medium-term-note-programme