Hybrid Bonds

Since 2013 Enel has issued hybrid bonds, which are non-convertible and subordinated financial instruments, with the aim of further strengthening the Group’s capital structure. Given their hybrid nature and their specific financial features, such bonds are given a certain Equity Credit by Rating Agencies (50% equity alike treatment).

In September 2020, with the aim of optimizing the refinancing of its hybrid bond portfolio, Enel has issued its first subordinated, non-convertible, perpetual hybrid bond. 

Moreover, on October 23th 2020, Enel launched a consent solicitation on certain outstanding non-convertible and subordinated hybrid bonds proposing to seek the consent of the required majorities of such securities holders to amend certain terms of said securities in order to align their structure to the abovementioned perpetual hybrid bond issued by Enel in September 2020.

Offering documents

Consent solicitation

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