Enel SpA subsidiary Enel Finance International NV has launched a €2.5 billion multitranche sustainable bond offering on the European market, following a successful placement
The offering consists of €1 billion of 0% bonds due June 17, 2024; €1 billion of 0.375% bonds due June 17, 2027; and €500 million of 1.125% bonds due Oct. 17, 2034.
As with the U.S. offering, the issuance is linked to the achievement of the United Nations Sustainable Development Goals. It includes a one-time step-up mechanism that would raise the interest rate by 25 basis points if Enel fails to add enough renewable generation to its portfolio by the end of 2021 so that 55% of its total installed capacity is made up of renewables.
The bond was almost four times oversubscribed, with total orders of about €10 billion, and is expected to be listed on the Irish Stock Exchange, according to an Oct. 10 news release.
Banca IMI, Barclays, BBVA, BNP Paribas, Bank of America Merrill Lynch, CaixaBank, Credit Agricole CIB, Credit Suisse, Deutsche Bank, Goldman Sachs International, HSBC, ING, J.P. Morgan, Mediobanca, Mizuho, MUFG, Natixis, Santander Corporate & Investment Banking, SMBC Nikko and Unicredit acted as joint book runners.
