Enel shows euro funds buy into sustainability coupon ratchet

By Jon Hay, Mike Turner
10 Oct 2019

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.

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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