Statnett SF, Norway's state-owned electricity transmission system operator, has announced it is contemplating the issuance of new NOK-denominated senior unsecured green bonds, with DNB Carnegie, Nordea and SEB mandated as Joint Lead Managers. The announcement, dated 12 November 2026, states the potential transaction is subject to market conditions, with target maturities of three years and/or ten years or longer. Rated A2/A+ with a stable outlook by both Moody's and S&P, Statnett's strong investment-grade credit profile is likely to attract significant attention from Nordic fixed-income investors watching the green bond market.

Key Points

  • Statnett SF (93RX), Norway's national electricity transmission system operator, rated A2/A+ stable by Moody's and S&P
  • The company has mandated DNB Carnegie, Nordea and SEB as Joint Lead Managers to explore a potential NOK-denominated senior unsecured green bond issuance
  • Bonds may be fixed and/or floating rate, with target maturities of 3 years and/or 10 years or longer; transaction size was not disclosed in the announcement
  • Investors should watch for confirmation of whether market conditions support a formal deal launch and final terms

Statnett SF Mandates Three Nordic Banks to Manage Potential NOK Green Bond Transaction

Statnett SF has appointed DNB Carnegie, Nordea and SEB as Joint Lead Managers to assess the feasibility of issuing new senior unsecured green bonds denominated in Norwegian kroner. The announcement confirms the mandate is in place, though the company makes clear the transaction remains contingent on prevailing market conditions. No deal size, coupon level, or formal pricing guidance has been disclosed at this stage. Statnett SF's Director of Finance, Petter Erevik, is named as the primary contact for further information, with a Norwegian telephone number provided in the company update.

Senior Unsecured Structure and Dual Maturity Targets Signal Broad Investor Appeal

The contemplated bonds would be issued as senior unsecured instruments, ranking equally with Statnett SF's other senior obligations. The company is exploring both three-year and ten-year-or-longer maturities, and bonds may carry fixed and/or floating rate coupons. This dual-tenor approach suggests Statnett SF is seeking to attract a range of fixed-income buyers, from shorter-duration institutional buyers to those with long-dated infrastructure investment mandates. The company did not disclose the target issuance size or any indicative yield guidance in the announcement.

A2/A+ Stable Credit Ratings Underpin Statnett SF's Access to Green Capital Markets

Statnett SF carries investment-grade credit ratings of A2 from Moody's and A+ from S&P, both with stable outlooks, providing a solid foundation for accessing capital markets. As Norway's designated transmission system operator, the company manages the high-voltage electricity grid serving the country, giving it a regulated infrastructure revenue model that underpins its creditworthiness. The green bond label reflects Statnett SF's alignment with sustainable finance frameworks, though the specific eligible green projects to be funded were not detailed in the announcement. Investors may be watching for a supplementary green bond framework disclosure.