Eni S.p.A., assisted by Simmons & Simmons, issued perpetual subordinated hybrid bonds in two tranches of €1.5 billion each for a total of €3 billion.
The matter, which is the largest placement of hybrid bonds ever made by an Italian corporate, has received over €14 billion in orders equally distributed over the two tranches, from more than 800 investors in major European countries. The first tranche, repayable from Autumn 2025, pays an annual coupon rate of 2.75%, while the second tranche, not redeemable before October 2029, yields a fixed rate of 3.375%.
The Simmons & Simmons team was led by financial markets partner Paola Leocani, supported by managing associate Baldassarre Battista, with additional expertise from partner Charles Hawes.
Commenting on the deal, Paola said: “The Simmons financial markets team was pleased to advise Eni on this incredibly significant placement of hybrid bonds. Involving expertise from our Milan and London offices, the Simmons team was able to provide nuanced and effective advice, despite the logistical challenges posed by the ongoing pandemic.”
