Enel places new EUR 2 billion perpetual hybrid bonds

Enel has successfully launched on the European market new hybrid, perpetual, non-convertible subordinated bonds, denominated in euro and aimed at institutional investors, for a total amount of EUR 2 billion. The company announced this, pointing out that the issue was oversubscribed more than seven times, totalling orders of around EUR 14 billion at peak demand. "The transaction is consistent with the Enel Group's strategy and further strengthens its capital and financial structure," the note reads.

The issue, explains the energy group, 'takes advantage of the favourable window offered by current market conditions and allows for the early refinancing of the two hybrid perpetual bonds, with call date in 2026, for a total of approximately EUR 1.35 billion, as well as to increase, by approximately EUR 650 million, the amount of the Enel Group's hybrid bonds to further strengthen the capital structure'. The expected settlement date is 14 January 2026.

The new issue is structured in two series: - EUR 1,250 million non-convertible hybrid subordinated perpetual bond, with no fixed maturity, payable only in the event of dissolution or liquidation of the company. A fixed annual coupon of 4.125% will be paid until the first reset date (excluding) of 14 January 2032, which corresponds to the last day for the first 'optional redemption'; - EUR 750 million bond loan of the same type. The fixed annual coupon is 4.500% and will be paid until the first reset date (excluded) of 14 January 2035, which corresponds to the last day for the first optional redemption. The securities will be listed on the regulated market of the Irish Stock Exchange (Euronext Dublin). The transaction, Enel explains, is being carried out in execution of the 18 December 2025 resolution of the board of directors that mandated the issuance, by 31 December 2026, of one or more non-convertible bonds, in the form of hybrid subordinated securities, including perpetual bonds, for a total maximum amount of EUR 2 billion. The issue was supported by a syndicate of banks in which Bbva, Bnp Paribas, Citi, Crédit Agricole Cib, Deutsche Bank, Goldman Sachs International, HSBC, Imi-Intesa Sanpaolo, J.P. Morgan, Morgan Stanley, Mufg, Société Générale and UniCredit acted as joint bookrunners.