Sold out bond retail of Eni and the group, as announced in the event of excess demand, raise the offer to 2 billion. Two days after the start of the placement on the retail market, the applications for the placement of sustainability-linked bonds of the group led by Claudio Descalzi have exceeded the maximum amount of the placement. "Therefore, based on acceptances of the offer, Eni will issue up to a maximum of 2.000.000 bonds, with a nominal value of 1.000 euros each", explains the six-legged dog in a note.
In detail, the Italian oil group communicates, in a note, that "the adhesions to the public offer of subscription and admission to listing on the Electronic Bond Market organized and managed by Borsa Italiana, of the bonds of the loan called 'Eni bonds sustainability-linked 2023 /2028' have exceeded the amount of one billion euros”.
In this regard, Eni – listen Intesa Sanpaolo e Unicredit Bank Ag (which also acts through its Milan branch), as responsible for the placement – availed itself of the option to increase the maximum total nominal value of the bonds to 2 billion euro.
Eni bond retail: how will the allocation take place?
Given the great success of Eni's green bond (the first after 12 years intended for small savers), in all likelihood, we will proceed with the I'm leaving. And, as Milano Finanza explains, two situations can arise based on the number of applicants:
- The number of applicants does not exceed number of minimum lots available, i.e. one million (since the minimum lot is 2.000 euros). In this case each applicant has the right to the minimum lot and if after the assignment there are residual obligations these are assigned in proportion to the value of the unsatisfied requests. If there were to be a further remainder, this would be divided by drawing lots.
- Or the number of applicants exceeds one million minimum lots available, in this case we will resort directly to the draw. It means that not all savers will have effective access to the bond.
To understand what will happen now, we will have to wait for the definitive numbers of the number of applicants for the Eni bond.
One is possible early closing of placement? In the prospectus, the company has guaranteed "a minimum window of 5 working days". So it will have to remain open at least until Friday 20th the possibility of subscribing the Eni bond.
