(Tiper Stock Exchange) – It is in the is placing hybrid bond in two parts for a total of 1.75 billion euro, with a first perpetual tranche that can be called starting from five years and five months and a second, also perpetual and callable, starting from eight years and five months. According to one of the lead managers, quoted by Reuters, the total orders exceeded 14 billion.
In detail, orders exceed 6 billion for the first part (worth 1 billion) and 8 billion for the second (worth 750 million). The yield it is fixed at 6.375% for the first part and at 6.625% for the second.
Moody’s assigned the long-term rating Baa3 to the two bonds, i.e. two notches below Enel’s senior unsecured rating of Baa1, reflecting the characteristics of hybrids. “They are very long-term, deeply subordinated and Enel can opt for the cumulative deferral of the coupons – reads the rating agency’s decision – The rating is in line with that of the existing hybrid notes issued by the company”.
L’negative outlook reflects the negative outlook on Italy’s Baa3 sovereign rating, reflecting the company’s vulnerability to adverse macroeconomic developments and sovereign ties, given that a substantial portion of its earnings are generated in Italy.
S&P Global Ratings instead assigned the long-term rating “BBB-to the securities. “We view this as a liability management transaction that will allow Enel to replace, subject to the final amount raised, part of its existing 750 million, 2.5% hybrids callable for the first time in August 2023 and, part of its USD 1.25 million, 8.75% of hybrid notes (EUR 936 million traded) callable in September 2023,” the rating agency said.