This morning Enel released the indications for the guidance of the new hybrid bond announced yesterday. This was reported by the Thomson Reuters service Ifr, specifying that the tranche in euros will be equal to one billion and will offer a yield of 5,125% after an initial range of 5,25%-5,375%.
Demand – reports a source again according to Ifr – reached six billion. For the sterling tranche, the amount was set at 500 million after an initial announcement of 450 million and the yield at 6,75% compared to the initial range of 6,875%-7%.
The order book, again on the part in British currency and according to Ifr, reached 4,5 billion. Enel is rated 'Baa2' by Moody's, 'BBB' by Standard & Poor's, 'BBB+' by Fitch. The transaction is part of a subordinated debt issuance program worth a total of 5 billion euro.
