Commentary & Deal Flow

Reoffer: 4yr: MS+58bp / 99.681 / 3.587% 7yr: MS+85bp / 99.513 / 3.956%
Benchmark: 4yr: OBL 2.4% 30-Apr-30 @ 98.39 / B+74.7bp 7yr: DBR 2.3% Feb-33 TWIN @ 95.695 / B+94.2bp

4yr: Final Books >€3.1bn. Peak book >€4.52bn
7yr: Final Books >€2.4bn. Peak book >€3.48bn

Launched:
4yr: €1.25bn @ MS+58bp - Books >€4.52bn
7yr: €1.25bn @ MS+85bp - Books >€3.48bn
Guidance: 4yr: MS+65a (>€3.95bn) 7yr: MS+90a (>€3.53bn)
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: €1.25bn
  • 7yr: €1.25bn
• Maturity:
• • 4yr: 26-May-30
  • 7yr: 26-May-33
• Reoffer:
• • 4yr: MS+58 bps / 99.681 / 3.587%
  • 7yr: MS+85bps / 99.513 / 3.956%
• Coupon:
• • 4yr: 3.500% Fixed (Annual), Act/Act
  • 7yr: 3.875% Fixed (Annual), Act/Act
• Govt Sprd:
• • 4yr: B+74.7 bps (OBL 2.4% 30-Apr-30 @ 98.39 / 2.840%)
  • 7yr: B+94.2 bps (DBR 2.3% Feb-33 TWIN @ 95.695 / 3.014%)
• Call options:
• • 4yr: 1m par call / MWC @ B+15 / Clean-up Call (80%)
  • 7yr: 3m par call / MWC @ B+15 / 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:
• • 4yr: TOE: 15:55 UKT / FTT: 16:30 UKT
  • 7yr: TOE: 15:56 UKT / FTT: 16:30 UKT