Will 2023 be the year of record bond issuance? Certainly 2023, in the first full working week in Europe, saw a sprint start for bond issues. The European debt market hit a new record in the first working week of the year. Let's draw the first sums: bonds have been issued by private and public entities for a total of 113 billion dollars, according to calculations by Bloomberg, with broadcasters rushing to anticipate a further increase in interest rates.
Also 'Italy it recorded significant transactions by both banks and non-financial corporations, albeit at a lower level than in the same period last year. In the week from 9 to 13 January, bonds were placed for a total of 4,9 billion euros, less than the 6,4 billion in the same period last year. The offer also includes emissions linked to sustainability objectives (Sustainability linked) which have been the real novelty of recent years and have seen Enel in the position of absolute forerunner.
Bonds 2023: the issues of the week in Italy
The first operation was to Enel which placed new 1,75 billion euro perpetual hybrid bonds to refinance some of its outstanding hybrid bonds. The request has reached 15 billion, eight times the offer. A clear signal of the market's interest in this type of transaction. UniCredit issued a 1 billion euro Senior Preferred bond aimed at institutional investors. Pirelli placed its first sustainability-linked bond with international institutional investors for 600 million euro. Bpm bank completed a Green Senior Preferred issue for an amount of 750 million euro. Bank Ifis placed a Senior Preferred bond issue for 300 million euro. Iccrea Banca carried out a new social issue of the senior preferred category for 500 million.
| Society | Data | Size (millions of euros) | Typology |
| Enel | 09/01/2023 | 1.750 | Perpetual hybrids |
| UniCredit | 10/01/2023 | 1.000 | Senior preferred |
| Pirelli | 11/01/2023 | 600 | Sustainability-linked |
| Banco BPM | 11/01/2023 | 750 | Green senior preferred |
| Bank Ifis | 13/01/2023 | 300 | Senior preferred |
| Iccrea | 14/01/2023 | 500 | Social senior preferred |
Bonds 2023: Eni is back on retail, the offer starts on January 16th
Eni has instead announced the launch of the offer starting from 16 January 2023 of the first bonds intended for the public in Italy linked to its own sustainability objectives (Eni Sustainability-linked Bonds 2023/2028). The bonds will have a duration of 5 years for a total value of 1 billion euros. This amount could be increased up to 2 billion euros in case of excess demand.
Comparison with last year's emissions
in 2022 Enel had inaugurated the year with the placement of a 2,75 billion euro Sustainability-Linked bond in three tranches, followed by Unicredit with two Senior Preferred issues for a total value of 1,75 billion euro. They had joined them Snam with the first Sustainability-Linked Bond for 1,5 billion euro in two tranches e Bpm bank with a Tier 2 subordinated issue of 400 million euro.
