Eni intends to place the first euro-denominated sustainability-linked bond in its sector, with a 7 year maturity, under its existing Euro Medium Term Note Programme.
Today the Company is evaluated by four international ESG ratings such as MSCI, Sustainalytics, Bloomberg and VigoEiris as a leader in its field. The group also received a top level assessment from CDP and Transition Pathways Initiative featured in the FTSE4Good Developed indices and joined the ESG iTraxx index this year.
Eni’s first sustainability-linked bond will be linked to the achievement of the following targets :
- Net Carbon Footprint Upstream (Scope 1 and 2) equal to or lower than 7.4 MtonCO2eq as of December 31, 2024 (-50% vs 2018 baseline);
- renewable energy installed capacity equal to or greater than 5 GW as of December 31, 2025.
The interest rate will remain unchanged to maturity subject to achievement of the targets indicated above. If one of the targets is not achieved, a step-up mechanism will be applied, increasing the rate by 25 bps, as detailed in the relevant terms and conditions.
The bond is to be issued in accordance with the resolution adopted by the Board of Directors on April 23, 2020 and is aimed at financing Eni’s future needs and at maintaining a well-balanced financial structure.
The bond, targeted to institutional investors, will be placed subject to market conditions and subsequently listed on the regulated market of the Luxembourg Stock Exchange. For the issuance of the bond, Eni has mandated a syndicate composed of BNP Paribas, BofA Securities, Crédit Agricole CIB, Goldman Sachs International, JP Morgan, Morgan Stanley e UniCredit, who will act as joint lead managers.