Enel’s SDG drive brings contingent CP shelf

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By Jon Hay
24 Sep 2020

Having issued the first sustainability-linked bond in September 2019, Enel, the Italian power and gas company, has gone further, by setting up a commercial paper programme that will fall away if it fails to hit a sustainability target.

When Enel issued its $1.5bn bond in 2019, Alessandro Canta, the firm’s head of group finance, told GlobalCapital it would only use this kind of bond in future, raising no more conventional bonds, nor even green bonds.

The bond will give investors a 25bp coupon step-up if, ...

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