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 $bn No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 13.58 59 6.87%
2 Credit Agricole CIB 10.89 66 5.51%
3 HSBC 10.35 74 5.23%
4 BNP Paribas 10.27 65 5.19%
5 JPMorgan 9.29 62 4.69%