ENEL has launched a Sustainability-Linked bond issue in three tranches totalling €3,250 million

Banca Akros acted as Joint Bookrunner

On Tuesday 8 June, ENEL Finance International NV (guaranteed by ENEL S.p.A.) successfully placed a Sustainability-Linked bond issue of €3.25 billion in three tranches, with expiries of 6, 9 and 15 years. It is the largest Sustainability-Linked transaction ever priced. At the same time, ENEL also launched a tender offer on four outstanding bonds.

• The bonds are linked to the achievement of ENEL’s sustainability goal to reduce direct greenhouse gas emissions, contributing to United Nations Sustainable Development Goal 13 (Combating Climate Change), in line with the Group’s Sustainability-Linked Financing Framework.
• The transaction issued by ENEL Finance International NV consists of three tranches, all at a fixed rate, backed by the guarantee of ENEL S.p.A.:
  • €1 billion rate 0.00% expiry 17 June 2027
  • €1.25 billion rate 0.50% expiry 17 June 2030
  • €1 billion rate 0.875% expiry 17 June 2036

All the securities will be listed on the Dublin Stock Exchange.

• The issuer is rated Investment Grade Baa1/BB+/A- by Moody’s/Standard & Poor’s/Fitch.
• The bond, which is restricted to professional investors and eligible counterparties, collected total orders of around €11.3 billion, 3.5 times the amount offered. The positive feedback received enabled the yield on the 6-year transaction to be reduced by 27 basis points from the initial guidance (from 65 to 38 bps), the yield on the 9-year transaction by 30 basis points (from 80 to 50 bps) and the yield on the 15-year transaction by 35 basis points (from 100 to 65 bps).
• Banca Akros acted as Joint Bookrunner.
• This is the eleventh bond issue for Banca Akros in which it has acted as leading bank during 2021.

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