Published on 7/7/2021 in the Prospect News Investment Grade Daily.
New Issue: Enel sells $4 billion of bonds in parts due 2026, 2028, 2031, 2041
By Cristal Cody
Chicago, July 7 – Enel Finance International NV sold a $4 billion four-part offering of notes on Wednesday, according to a market source.
The notes were sold in the following tranches:
• $1.25 billion of 1.375% five-year notes priced with a spread of Treasuries plus 70 basis points, low to initial spread talk in the 90 bps area;
• $1 billion of 1.875% seven-year notes that priced with a spread of Treasuries plus 85 bps, low to talk in the 105 bps area;
• $1 billion of 2.25% 10-year notes that priced with a Treasuries plus 100 bps spread, lower than talk in the 120 bps area; and
• $750 million of 2.875% 20-year notes that came with a Treasuries plus 110 bps spread, low to the talk that had them coming in the Treasuries plus 135 bps area.
BofA Securities, Inc., BNP Paribas, Citigroup, Credit Agricole CIB, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, Mizuho, Morgan Stanley, SMBC and Societe Generale were the bookrunners.
The multinational company is an integrated operator in the global power, gas and renewables markets.
| Issuer: | Enel Finance International NV
|
| Issue: | Notes
|
| Amount: | $4 billion
|
| Bookrunners: | BofA Securities, Inc., BNP Paribas, Citigroup, Credit Agricole CIB, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, Mizuho, Morgan Stanley, SMBC and Societe Generale
|
| Trade date: | July 7
|
|
|
| 2026 notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 12, 2026
|
| Coupon: | 1.375%
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 90 bps area
|
|
|
| 2028 notes
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| Amount: | $1 billion
|
| Maturity: | July 12, 2028
|
| Coupon: | 1.875%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 105 bps area
|
|
|
| 2031 notes
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| Amount: | $1 billion
|
| Maturity: | July 12, 2031
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| Coupon: | 2.25%
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| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 120 bps area
|
|
|
| 2041 notes
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| Amount: | $750 million
|
| Maturity: | July 12, 2041
|
| Coupon: | 2.875%
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | Treasuries plus 135 bps area
|
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