Enel prints first sterling SLB
Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.
Enel, rated Baa2/BBB+/A-, started marketing the October 2027 bond at 130bp over Gilts.
The trade is linked to the company’s ability to have 60% or more of its energy capacity renewable by December 31, 2022. There is a 25bp coupon step up if the company fails.Demand built to £2.5bn ...