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Latham & Watkins Advises on Enel’s Multi-Tranche US$4 Billion Sustainability-Linked Bond

July 15, 2021
Landmark deal represents the largest-ever Sustainability-Linked transaction in the fixed-income capital markets.

Enel Finance International N.V. (EFI), the Dutch-registered finance company controlled by Enel S.p.A. (Enel), has issued a multi-tranche Sustainability-Linked bond to institutional investors in the US and international markets totalling US$4 billion, equivalent to approximately €3.4 billion. 

The issue, which follows the previous ground-breaking €3.25 billion EFI Sustainability-Linked bond priced last June, represents the largest Sustainability-Linked transaction ever priced in the fixed-income capital markets as well as the largest sustainable finance fixed-income transaction to date this year by a corporate issuer.

The bond is linked to the achievement of Enel’s sustainable objective related to the reduction of Direct Greenhouse Gas Emissions, contributing to the United Nations Sustainable Development Goal 13 and in line with the Group’s Sustainability-Linked Financing Framework. 

Latham & Watkins advised Barclays, BNP Paribas, Bank of America, Citigroup, Credit Agricole, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Mizuho, Morgan Stanley, Société Générale, and SMBC Nikko as joint bookrunners in the transaction with a Milan US capital markets team led by partner Jeff Lawlis with associates Chiara Coppotelli and Pierfrancesco Benedetti. Advice was also provided on UK law matters by London partner Manoj Tulsiani with associates Amina Tsatiashvili and Clive Wong, on Italian law matters by Milan partner Antonio Coletti with associate Guido Bartolomei, on regulatory matters by Milan counsel Cesare Milani, and on Spanish law matters by Madrid associate Ori Assa and Spanish regulatory matters by associate Leticia Sitges. 

Enel’s Financial Legal Affairs in-house team was led by Francesca Romana Napolitano and included Simona Florio, Marica Minnucci, and Marianna Dolcetti.