Enel prints first sterling SLB

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By Mike Turner
13 Oct 2020

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 ...

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