Terna - Rete Elettrica Nazionale Società per Azioni bonds TRN.MI
Who owns Terna - Rete Elettrica Nazionale Società per Azioni's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. TRN.MI stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| T9451NAH6 | 1.375% fixed | 2027-07-26 | EUR | 98.46 | 2.99% | — | 1 | $1.1M | Jul 2026 |
| XS2437854487 | 2.38% fixed | 2027-11-09 | EUR | 98.26 | 3.80% | — | 1 | $793K | Jul 2026 |
| T9451NAG8 | 1% fixed | 2028-10-11 | EUR | 95.11 | 3.34% | — | 2 | $14.6M | Jul 2026 |
| XS2607193435 | 3.625% fixed | 2029-04-21 | EUR | 100.62 | 3.38% | — | 2 | $12.8M | Jul 2026 |
| XS2357205587 | 0.004% fixed | 2029-06-23 | EUR | 91.97 | 2.94% | — | 1 | $106K | Jul 2026 |
| T9451NBR3 | 4.75% variable | 2030-01-11 | EUR | 101.23 | — | — | 3 | $14.4M | Jul 2026 |
| T9451NAP8 | 0.38% fixed | 2030-09-25 | EUR | 88.09 | 3.51% | — | 1 | $254K | Jul 2026 |
| T9451NBK8 | 3.5% fixed | 2031-01-17 | EUR | 99.77 | 3.55% | — | 4 | $17.4M | Jul 2026 |
| T9451NDH3 | 3% fixed | 2031-07-22 | EUR | 97.40 | 3.58% | — | 3 | $1.5M | Jul 2026 |
| XS3281650823 | 3.88% fixed | 2031-11-02 | EUR | 96.91 | 4.55% | — | 1 | $224K | Jul 2026 |
| XS3003427872 | 3.125% fixed | 2032-02-17 | EUR | 97.17 | 3.70% | — | 3 | $11.5M | Jul 2026 |
| XS2655852726 | 3.88% fixed | 2033-07-24 | EUR | 100.42 | 3.81% | — | 1 | $116K | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Not enough US-dollar bonds with a yield.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 12 | $74.7M | 97.83 | — | — | 4 |
| Jun 2026 | 4 | $1.6M | 98.59 | — | — | 2 |
| May 2026 | 2 | $3.9M | 100.03 | — | — | 2 |
| Apr 2026 | 12 | $89.7M | 97.98 | — | — | 4 |
| Mar 2026 | 4 | $1.6M | 97.41 | — | — | 2 |
| Feb 2026 | 1 | $2.7M | 100.04 | — | — | 2 |
| Jan 2026 | 11 | $74.6M | 99.29 | — | — | 4 |
| Dec 2025 | 4 | $1.4M | 98.66 | — | — | 2 |
| Nov 2025 | 1 | $2.6M | 99.36 | — | — | 2 |
| Oct 2025 | 9 | $77.8M | 100.22 | — | — | 4 |
| Sep 2025 | 4 | $1.7M | 98.77 | — | — | 2 |
| Aug 2025 | 1 | $1.2M | 99.31 | — | — | 2 |
| Jul 2025 | 9 | $66.4M | 99.83 | — | — | 4 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 1 added, 3 cut, 1 new holders and 1 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $33.5M | $38.2M | -$4.8M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $25.8M | $29.3M | -$4.9M |
| iShares Core International Aggregate Bond ETF iShares Trust | 2026-07-31 | $3.1M | $3.5M | -$800K |
| MFS Global Opportunistic Bond Fund MFS Series Trust X | 2026-05-31 | $2.2M | $2.5M | $0 |
| DFA Intermediate-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $2.0M | $2.3M | $0 |
| Strategic Advisers Fidelity Short Duration Fund Fidelity Rutland Square Trust II | 2026-05-31 | $1.1M | $1.3M | new |
| Global Bond Fund GuideStone Funds | 2026-06-30 | $650K | $734K | $0 |
| MFS Global Total Return Fund MFS Series Trust VI | 2026-07-31 | $560K | $629K | $0 |
| ABERDEEN MULTI-MARKET INCOME FUND | 2026-07-31 | $520K | $584K | $100K |
| Fidelity International Bond Index Fund Fidelity Salem Street Trust | 2026-06-30 | $430K | $476K | $0 |
| MFS Global Tactical Allocation Portfolio MFS VARIABLE INSURANCE TRUST II | 2026-06-30 | $260K | $293K | $0 |
| MFS CHARTER INCOME TRUST | 2026-05-31 | $100K | $115K | $0 |
| State Street(R) SPDR(R) Bloomberg International Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $100K | $113K | $0 |
| Diversified Income Fund Principal Funds, Inc | 2026-07-31 | $100K | $106K | $0 |
| Dimensional Global Credit ETF Dimensional ETF Trust | 2026-07-31 | $0 | $0 | -$1.3M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Dimensional Global Credit ETF ($1.3M).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 5 | $25.8M | $29.3M | 0.02% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 9 | $3.1M | $3.5M | 0.03% |
| IBND State Street(R) SPDR(R) Bloomberg International Corporate Bond ETF | 2026-06-30 | 1 | $100K | $113K | 0.02% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.77: safer than 76% of companies (80th percentile in Utilities). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $20.57B |
| Debt barrier (short-term + ½ long-term debt) | $8.68B |
| Equity volatility (1 year) | 19.8% |
| Asset value / asset volatility (solved) | $28.88B / 14.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = 1.27 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in TRN.MI's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 2 | $223K | 0 | — | 0 | — | 0 |
| 2026-06-30 | 5 | $545K | 0 | — | 0 | — | 0 |
| 2026-03-31 | 4 | $453K | 0 | — | 0 | — | 0 |
| 2025-12-31 | 6 | $425K | 0 | — | 0 | — | 0 |
| 2025-09-30 | 5 | $330K | 0 | — | 0 | — | 0 |
| 2025-06-30 | 6 | $222K | 0 | — | 0 | — | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.