Ground-breaking Enel bond introduces sustainability-linked pricing

A new sustainable finance product, which has the potential for huge growth, was launched on Thursday when Enel, the Italian electricity and gas company, issued the first bond in which the interest rate can be altered during the term of the debt, based on the borrower’s sustainability performance.

  • By Jon Hay
  • 06 Sep 2019

If Enel fails, by the end of 2021, to raise the percentage of its power generating capacity that is renewable to 55%, it will pay a 25bp coupon step-up. The percentage is now 45.9%.

The $1.5bn five year bond attracted nearly $4bn of demand, and Enel reckoned it ...

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Global Green Bonds

Rank Lead Manager Amount $b No of issues Share %
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1 Bank of America Merrill Lynch 13.40 57 7.48%
2 Credit Agricole CIB 10.17 61 5.68%
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4 BNP Paribas 9.60 59 5.36%
5 JPMorgan 8.27 54 4.62%