New green bonds from Enel and Banco Bpm. The Italian energy giant led by Francesco Starace has initiated the placement of a sustainability-linked bond issue maturing in March 2029. The issue in euro will guarantee a fixed annual coupon and will have a benchmark cut, therefore at least 500 million. The expected rating is Baa1 from Moody's, BBB+ from S&P and BBB+ from Fitch. Issue also by Banco Bpm, which launched a 500 million green bond, with a four-year maturity (September 13, 2026) registering requests for 950 million. It is a'senior non-preferred bond at a fixed rate with a denomination of 150 thousand euros which will be listed on the Luxembourg Stock Exchange.
But the news does not support the share of Enel which lost 0,44% to 4,68 euros near the closing of the stock market. While Bpm gains 0,36% to 2,49 euros.
Enel's new sustainable bond
The initial price indications for the new Enel sustainable bond I'm for one spread in the area of 175 basis points above the midswap rate. The bond will be listed on Euronext Dublin. The pricing is expected today, Tuesday 6 September and a boom in requests is expected. In September 2021, the energy giant had placed 4, 7 and 13-year sustainability-linked bonds for 3,5 billion euros, collecting orders for almost 11 billion.
The placement is managed by the bookrunners Bnp Paribas, Bper, Commerzbank, Goldman Sachs, IMI-Intesa Sanpaolo, JP Morgan, Mediobanca, Morgan Stanley and Unicredit.
Banco Bpm launches fixed-rate senior bonds
The yield of the new Banco Bpm green bonds it was fixed at 385 basis points above the mid-swap rate than initial indications in the area of 400 basis points above the mid-swap. Joint lead managers of the deal are Banca Akros, Bnp Paribas, BofA Securities, Citi, Credit Agricole Cib, HSBC and Natwest Markets
