ENEL Finance International N.V.’s €2.5 Billion Three Series SDG Linked Bonds Offer

Linklaters has advised the Joint Lead Managers on the issue by ENEL Finance International N.V. of three series of bonds which are each linked to the achievement of United Nations Sustainable Development Goals, for a total of €2.5bn.

In particular, two of the series, totaling €2bn, are linked to ENEL’s ability to achieve its Sustainable Development Goal relating to affordable and clean energy, whilst the third series, totaling €500 million, is linked to ENEL’s ability to achieve its Sustainable Development Goal relating to climate action.

ENEL reported that the bond, Europe’s first general purpose SDG-linked bond issue, was almost four times oversubscribed and that total orders stood at about 10 billion euros, with the substantial participation of socially responsible investors.

The transaction was supported by a syndicate of banks, with Banca IMI, Barclays, BBVA, BNP Paribas, BofA Merrill Lynch, CaixaBank, Credit Agricole CIB, Credit Suisse, Deutsche Bank, Goldman Sachs International, HSBC, ING, J.P. Morgan, Mediobanca, Mizuho, MUFG, Natixis, Santander Corporate & Investment Banking, SMBC Nikko, Unicredit acting as joint bookrunners.

The Linklaters team was led by Linda Taylor (Picture) and Ugo Orsini (Partner, Capital Markets, Milan) in Milan and by Alexander Harmse (Partner, Capital Markets, Amsterdam) in Amsterdam. The core team also included Laura Le Masurier (Managing Associate, Capital Markets, Milan), Tom van Steenbrugge (Associate, Capital Markets, Amsterdam) and Laura Tarenzi (Trainee, Capital Markets, Milan).

Francesca Romana Napolitano, Simona Florio and Alessandra Bellani from ENEL’s in-house legal team were assisted by Chiomenti with a team lead by Benedetto La Russa (Managing Counsel, Milan), Federico Amoroso (Partner, Milan) and Luigi De Angelis (Associate, Milan). Raul-Angelo Papotti (Partner, Milan), Giovanni Barbagelata (Senior Associate, Milan) and Simone Schiavini (Associate, Milan) assisted with the Italian tax aspects of the transaction.

Involved fees earner: Federico Amoroso – Chiomenti; Giovanni Barbagelata – Chiomenti; Luigi De Angelis – Chiomenti; Benedetto La Russa – Chiomenti; Raul-Angelo Papotti – Chiomenti; Simone Schiavini – Chiomenti; Alexander Harmse – Linklaters; Laura Le Masurier – Linklaters; Ugo Orsini – Linklaters; Laura Tarenzi – Linklaters; Linda Taylor – Linklaters; Tom van Steenbrugge – Linklaters;

Law Firms: Chiomenti; Linklaters;

Clients: Banca IMI; Bank of America Merrill Lynch; Barclays Bank; BBVA Continental Sociedad Titulizadora S.A.; BNP Paribas; CaixaBank; Crédit Agricole Corporate and Investment Bank; Credit Suisse; Deutsche Bank AG; Goldman Sachs International; HSBC; ING Bank; JP Morgan; Mediobanca; Mizuho; MUFG; Natixis; Santander Corporate & Investment Banking; Smbc Nikko Capital Markets Limited; Unicredit S.p.A.;