Enel tender could see zero take-up

Question mark
By Nigel Owen
09 Jan 2019

When it failed to notify investors it would call its 6.5% hybrid corporate bonds in December, Italian energy company Enel said it still intended to offer noteholders the opportunity to redeem the notes at par via a tender offer. It confirmed the tender offer earlier this week, but it is difficult to see why any investor would take it up.

Enel’s €1.25bn 6.5% January 2074 hybrid bonds had a first call date of January 10, 2019, and the terms of the bond require the issuer to give no less than 30 days notice, which meant that notification would have had to have been given by December 11. 

But, because ...

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