Italy's Enel Kicks Off EUR2 Billion Offering of Hybrid Bonds

11:59 PM EST, 01/07/2026 (MT Newswires) -- Italian energy group Enel (ENEL.MI) said Wednesday it launched 2 billion euros of new subordinated, hybrid, perpetual, non-convertible bonds, targeting institutional investors. The issuance comprises a 1.25 billion-euro bond, carrying an annual fixed coupon of 4.125% payable until the first reset date of Jan. 14, 2032. The bond will accrue interest at a five-year Euro Mid Swap rate plus the initial spread of 165.8 basis points, followed by subsequent increases. The second bond worth 750 million euros carries an annual fixed coupon of 4.500% payable until the same reset date, accruing interest at a five-year Euro Mid Swap rate plus the initial sparead of 182.1 basis points. The fixed coupons for both bonds are payable annually in arrears, starting from Jan. 14, 2027. Settlement is scheduled for Jan. 14, with the bonds to be listed on Euronext Dublin. Enel said the proceeds will be used to refinance two hybrid perpetual bonds totaling 1.35 billion euros, with a call date in 2026. It will also enable the company to increase its hybrid bonds by 650 million euros.