Enel shows euro funds buy into sustainability coupon ratchet

Enel, the Italian power and gas company that is the first, and only, issuer of bonds with sustainability-linked coupons, proved this week that the structure appeals to European green-minded investors, by raising €2.5bn at a spread several basis points tighter than it could have achieved with a normal bond. Jon Hay and Mike Turner report.

  • By Jon Hay, Mike Turner
  • 10 Oct 2019

Market participants are now eager to see another issuer try its hand. Bankers say lots of other companies, in many sectors, are interested in bringing similar a deal, but none have stepped forward yet. They may have been waiting for Enel to go first.

The issuer wowed ...

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Global Green Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 8,528.61 50 5.55%
2 BNP Paribas 8,376.88 51 5.45%
3 HSBC 8,011.19 61 5.22%
4 Citi 7,698.32 48 5.01%
5 Bank of America Merrill Lynch 7,413.52 49 4.83%