Enel introduces new CO2 trigger on first sustainability-linked bond in euros
Enel, the Italian electricity and gas company, held investor calls today for its first trial of its new sustainability-linked bond structure in euros, likely to be launched tomorrow. The deal has a more complex structure than the $1.5bn bond with which Enel introduced this technique to the bond market for the first time in early September, in that it contains tranches with different triggers.
The dollar deal, a single five year tranche, attracted an overwhelming $4bn book of demand and was priced exceptionally tightly. Enel said after the launch that it had priced the bond 20bp more tightly than it could have sold an equivalent bond without the sustainability feature.The dollar ...
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