Enel, as communicated by the company in a note, has launched on the international market an issue of non-convertible hybrid subordinated bonds for a total amount of approximately 1,75 billion euros in two tranches, one of 1,2 billion euros and one of 400 million pounds. The securities are intended for institutional investors and have an average duration of approximately 60 years. The company made it known in a statement.
Demand is very strong, amounting to around 6,5 billion euros. The euro tranche, which matures in September 2074, but will be "callable" every 5 years starting from January 2019, offers a yield of 6,75%, equal to 524,2 basis points above the midswap rate, in line with the initial indications. The sterling issue is not callable and offers a yield of 8%, 566,2 basis points above midswap.
The operation, announced some time ago, but postponed before the summer due to the market situation, was handled by a large pool of banks made up of Banca Imi, Bbva, Bnp Paribas, Crédit Agricole Cib, Deutsche Bank, Ing, JP Morgan, Mediobanca, Natixis, Société Generale Cib and Unicredit for the issuance in euro and by Barclays, Bnp Paribas, Deutsche Bank, HSBC, JP Morgan, Rbs, Santander and Ubs for the one in sterling.
In the morning, Enel shares fell by 1,56% to 2,516 euros per share, in line with the negative performance of the Italian stock market.
