EnBW launches €1 billion in dual tranches of green hybrid notes

By Rebecca Melvin

New York, July 29 – EnBW Energie Baden-Wurttemberg AG launched €1 billion of green hybrid notes in two equal tranches due 2024 and 2027 on Monday, according to a market source.

The €500 million 2024 notes will yield 1 1/8%, which was tightened from initial price talk in the 1.875% area. The order book was about €2.6 billion at the time of final guidance.

The €500 million 2027 notes will yield 1 5/8%, with yield talk tightened from initial talk in the 2.5% area. The order book was about €3.8 billion at the time of final guidance.

The notes are non-callable until Nov. 5, 2024 for the 2024 tranche and until Aug. 5, 2027 for the 2027 notes.

The underwriters are Barclays, BayernLB, Citigroup, BNP Paribas, Deutsche Bank, HSBC and Morgan Stanley.

EnBW is an electric utilities company based in Karlsruhe, Germany.

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