Home » Eni launches a bond for retail: here’s everything you need to know

Eni launches a bond for retail: here’s everything you need to know

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Eni launches a bond for retail: here’s everything you need to know

MILAN. Eleven years later, Eni is once again launching a bond dedicated only to the Italian public and for the first time linked to sustainability objectives. “A solid savings tool, which can make it part of our journey towards a completely decarbonised, technologically advanced and diversified energy, and of the further consolidation of our decisive ability to guarantee energy security for the country” explains the CEO of Eni Claudio Descalzi.

The offer

The bonds for one billion euros will be offered from 16 January next and will have a duration of 5 years. If there is a request that goes beyond the offer, the amount could be increased up to 2 billion euros. The minimum lot that can be subscribed, explains Eni, is 2,000 euros (equal to 2 bonds), with possible increases of at least 1 bond, for a nominal value of 1,000 euros each. The capital, explains the energy group, will be repaid in full when the loan expires (February 10, 2028). The bonds will pay the subscribers, annually and in arrears, interest at a fixed rate which cannot be lower than 4.30%. Adherence to the offer does not include any expense or subscription commission. The transaction was approved by Eni’s board of directors on 27 October 2022 and the bonds pursue the objective of financing any future needs, maintaining a balanced financial structure and further diversifying financial sources. Eni, explains Descalzi, “is today an extremely robust company from a financial and industrial point of view, with a growth model aimed at making the most of the businesses linked to the energy transition and the traditional ones that fuel its success, which are also subject to progressive reduction of emissions and which continue to guarantee the security of supply”.

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The prospectus

As described in the Prospectus, the last coupon payable on February 10, 2028 will be linked to the achievement of Eni’s sustainability targets: reduction of net greenhouse gas emissions (Scope 1 and Scope 2) associated with upstream business operations; increase in installed capacity for the production of electricity from renewable sources, up to a value equal to or greater than 5 Gigawatts as at 31 December 2025. If even just one of the two targets is not achieved, the interest rate relating to the coupon payable to expiry date (February 10, 2028) will be increased by 0.50%, according to the methods described in the Information Prospectus.

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