Enel to use sustainability pricing for all bonds

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By Jon Hay
12 Sep 2019

Evidence is mounting that Enel’s $1.5bn sustainability-linked bond, issued last Thursday, introduced not just a new product, but a new market. In recent days the deal has generated intense interest, and Enel has committed to using the product extensively in future, writes Jon Hay.

The five year bond, which the Italian power and gas company sold in the US market, was the first in which the coupon can be varied during the deal’s life, depending on whether the issuer hits sustainability targets. The structure is simple: investors will receive a 25bp coupon ...

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