GEK TERNA prices €500m of 2033 notes at 4.75% (October 2026)
GEK TERNA priced €500m of senior notes due 2033 at a 4.750% coupon, with orders above €2.3bn. Settlement is scheduled for 2 November 2026.
At a glance#
| Item | Detail | Source |
|---|---|---|
| Issuer | GEK TERNA S.A. | GEK TERNA announcement, 26 Oct 2026 (PDF) |
| Amount | €500.0m senior unsecured notes | Same |
| Maturity | 2033 | Same |
| Coupon | 4.750% fixed, per year | Same |
| Issue price | 99.575% of principal | Same |
| Expected ratings | BBB- (S&P Global Ratings), Baa3 (Moody's) | Same |
| Demand | Orders peaked above €2.3bn, more than 4.5 times the amount offered | Same |
| Settlement | Scheduled for 2 Nov 2026 | Same |
| Listing | Application to the regulated market of the Luxembourg Stock Exchange | Same |
| Use of proceeds | General corporate purposes | Same |
What was announced#
GEK TERNA, the Athens-listed construction, concessions and energy group, said it priced the offering on 26 October 2026. The notes carry a fixed 4.750% annual coupon and were priced at 99.575%, slightly below par. The company reports peak orders above €2.3bn for the €500m deal.
BNP Paribas, J.P. Morgan SE and Mediobanca acted as joint global coordinators. The joint bookrunners also include AXIA, Citigroup, Deutsche Bank, Eurobank, Goldman Sachs Bank Europe, HSBC, Morgan Stanley, National Bank of Greece, Piraeus Bank and Optima bank, according to the announcement.
The notes are not offered to the public in Greece and the announcement excludes most retail investors in the EEA and the UK. No Greek prospectus was submitted to the Hellenic Capital Market Commission.
Ratings background#
S&P and Moody's first rated GEK TERNA in May 2026, at BBB- and Baa3, both stable. On 16 October 2026 they assigned matching ratings to its new euro medium-term note (EMTN) programme. Ratings across the largest Athens-listed companies, and how they compare with the Greek sovereign, are set out in credit ratings and target prices. Greece itself is rated BBB by S&P, affirmed on 23 October (S&P note).
Use of proceeds#
The company states only "general corporate purposes". Some Greek press reports link the deal to refinancing existing debt. We have not seen that in a company document, so we do not repeat it as a stated purpose.
Other Greek corporate debt moves this week#
- Titan. Titan Global Finance Plc, guaranteed by Titan SA, priced a €150m tap of its 3.500% notes due 4 February 2031 on 21 October, taking the series to €500m. The issuer said settlement was scheduled for 26 October (Titan release, PDF). We found no separate settlement notice on Euronext Athens by the morning of 27 October.
- National Bank of Greece. On 26 October NBG said it had exercised its call on its €500m fixed-rate resettable unsubordinated MREL notes due 22 November 2027 (ISIN XS2558592932). The outstanding €284,835,000 will be redeemed at par (NBG announcement, PDF).
Why it matters for investors in Greece#
- Market access. A €500m deal maturing in 2033 from a non-bank Greek group, with demand several times the size, shows international investors' appetite for Greek investment-grade corporate paper.
- Pricing reference. The 4.750% coupon and 99.575% price give a disclosed reference point for other Greek corporates considering euro issues.
- Funding of concessions and energy. GEK TERNA's businesses include motorway concessions, construction and power. Its capital spending plans are in its own financial reports; we do not estimate them.
All issues are logged in the deals tracker, and the wider equity-market picture, including listings and the results calendar, is in Euronext Athens in 2026.
What this note does not do#
It does not assess the value of the notes, compare yields or comment on the shares. Terms are as GEK TERNA published them; final terms will be in the listing documents.