Mediobanca acted as Joint Bookruner and Dealer Manager for Enel

Mediobanca completed for Enel the issue of a triple-tranche Sustainability-Linked Bond and the tender offer on four outstanding notes maturing  between 2022 and 2026.

On Tuesday 8th June, Enel (rated BBB+ by S&P, Baa1 by Moody’s and A- by Fitch) decided to approach a supportive pre-ECB primary window with a new € 3.25bn senior multi-tranche Sustainability Linked issue together with a tender offer exercise on four conventional notes.

The issue, split among three different maturities (6, 9 and 15 years), was successfully priced at ms+38bps, 50bps and 65bps (i.e. 27 bps, 30bps and 35bps inside the IPTs respectively) implying a new issue concession of 3bps, 0bps and -5bps. The tender offer has been announced on outstanding notes maturing in Sep-22, Apr-33, Jan-25 and Jun-26 with a targeted amount set at € 1bn.

The transaction, awarded thanks to intense commercial and lending effort jointly deployed by Coverage and the Debt Division (DCM, DOT, Syndicate and LSF), further highlights Mediobanca’s outstanding track record in the ESG space and its strong relationship with one of the most active and innovative name in the ESG segment of the debt capital market (Mediobanca advised Enel in both its 2021 debt issuances)

The deal represents the 56th transaction led by the DCM Team since July 2020

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