Linklaters advises joint bookrunners on the first Italian perpetual corporate hybrid bond

• ENEL S.p.A.’s EUR 600 million corporate hybrid bond
• Transaction received interest for more than six times the offer, exceeding EUR 3.7 billion
• Eight banks acted as joint bookrunners in the transaction

Linklaters has advised the joint bookrunners on the issue by ENEL S.p.A. of the first ever Italian perpetual corporate hybrid bond intended for institutional investors, for a total amount of EUR 600 million.

Banco Bilbao Vizcaya Argentaria, BNP Paribas, Crédit Agricole CIB, Goldman Sachs International, J.P. Morgan, Santander Corporate & Investment Banking, Société Générale Corporate & Investment Banking, UniCredit Bank acted as joint bookrunners in the transaction.

Linda Taylor, Counsel, Capital Markets, Linklaters said:

“We are delighted to have worked on this first-of-its kind issuance of hybrid perpetual bonds with a cross-practice team which show our unique offering to clients for structured capital market transactions.”

The Linklaters team In Milan was led by Ugo Orsini (Partner, Capital Markets) and Linda Taylor (Counsel, Capital Markets). Key members of the team included Laura Le Masurier (Managing Associate, Capital Markets), Matteo Pozzi (Associate, Capital Markets) and Laura Tarenzi (Junior Associate, Capital Markets). Roberto Egori (Partner, Tax), Fabio Balza (Counsel, Tax) and Andrea D’Ettorre (Junior Associate, Tax) assisted in respect of the Italian tax aspects of the transaction.

This coincides with Enel launching a voluntary non-binding offer for the repurchase of its hybrid bonds issued in 2014 with a maturity date of 2076, with the objective of repurchasing a total amount of £200 million.a