Commentary & Deal Flow

IPTs: 4yr: MS+95a 7yr: MS+120a

• Issuer: ENEL – Società per Azioni
• Ticker: ENELIM
• Country: IT
• Issuer LEI: WOCMU6HCI0OJWNPRZS33
• Issuer Rating: Baa1/BBB/BBB+ (Moody's/S&P/Fitch)
• Exp. Notes Rating: Baa1/BBB/BBB+ (Moody's/S&P/Fitch)
• Format: Senior, NGN, Unsecured, Reg S Bearer (TEFRA rules may apply. No communications with or into the U.S. or Canada (excluding Ontario))
• Settlement: 26-May-26 (T+5)
• Size:
• • 4yr: € Benchmark
  • 7yr: € Benchmark
• Maturity:
• • 4yr: 26-May-30 (4-year)
  • 7yr: 26-May-33 (7-year)
• IPTs:
• • 4yr: MS+95a
  • 7yr: MS+120a
• Coupon:
• • 4yr: Fixed (Annual), Act/Act
  • 7yr: Fixed (Annual), Act/Act
• Call options:
• • 4yr: 1m par call / MWC / Clean-up Call (80%)
  • 7yr: 3m par call / MWC / Clean-up Call (80%)
• Docs: Euronext Dublin (regulated market) and Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market) / EMTN / English Law
• Denoms: 100k + 1k
• UoP: General Corporate Purposes
• Target Market: Manufacturer target market (MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPs KID or CCI product summary has been prepared as not available to retail in EEA or UK.
• Stabilisation: FCA/ICMA stabilisation applies
• Bookrunners: Banca Akros, BofA Securities, BNP Paribas, BPER Corporate & Investment Banking, CaixaBank, Commerzbank, IMI-Intesa Sanpaolo, ING, J.P. Morgan, Mediobanca, Mizuho, Santander and SMBC
• B&D:
• • 4yr: BNP Paribas
  • 7yr: J.P. Morgan
• ISIN:
• • 4yr: XS3358330663
  • 7yr: XS3358330820
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any Supplements are available and the Final Terms, when published, will be available on the website of Euronext Dublin
• Timing: Books Open - Today's Business
• Disclaimer: Any information contained in or accessible through any website, not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities and does not form a part of the Base Prospectus or the Final Terms, unless specifically stated in the Base Prospectus (or in any supplement thereto or in any document incorporated or deemed to be incorporated by reference in the Base Prospectus) that all or any portion of such information is incorporated by reference in the Base Prospectus