Overview of EnBW’s bonds
|
Bond type
|
Currency
|
Volume in million
|
Term (years)
|
Maturity
|
Coupon (%)
|
Issue date
|
ISIN
|
Further Information
|
|---|---|---|---|---|---|---|---|---|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
20
|
Maturity
16.01.2025
|
Coupon (%)
4.875
|
Issue date
09.12.2004
|
ISIN
XS0207320242
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
5
|
Maturity
17.04.2025
|
Coupon (%)
0.625
|
Issue date
07.04.2020
|
ISIN
XS2156607702
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
12
|
Maturity
04.06.2026
|
Coupon (%)
2.500
|
Issue date
04.06.2014
|
ISIN
XS1074208270
|
Further Information
|
|
Bond type
Senior
|
Currency
CHF
|
Volume in million
165
|
Term (years)
3
|
Maturity
15.06.2026
|
Coupon (%)
2.250
|
Issue date
24.05.2023
|
ISIN
CH1244321787
|
Further Information
|
|
Bond type
Green, Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
4
|
Maturity
22.11.2026
|
Coupon (%)
3.625
|
Issue date
22.11.2022
|
ISIN
XS2558395351
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
7
|
Maturity
01.03.2028
|
Coupon (%)
0.125
|
Issue date
22.02.2021
|
ISIN
XS2306986782
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
5.5
|
Maturity
24.07.2028
|
Coupon (%)
3.500
|
Issue date
24.01.2023
|
ISIN
XS2579293619
|
Further Information
|
|
Bond type
Senior
|
Currency
CHF
|
Volume in million
245
|
Term (years)
6
|
Maturity
15.06.2029
|
Coupon (%)
2,625
|
Issue date
24.05.2023
|
ISIN
CH1244321795
|
Further Information
|
|
Bond type
Green, Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
7
|
Maturity
22.11.2029
|
Coupon (%)
4.049
|
Issue date
22.11.2022
|
ISIN
XS2558395278
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
10
|
Maturity
19.10.2030
|
Coupon (%)
0.250
|
Issue date
12.10.2020
|
ISIN
XS2242728041
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
12
|
Maturity
01.03.2033
|
Coupon (%)
0.500
|
Issue date
22.02.2021
|
ISIN
XS2306988564
|
Further Information
|
|
Bond type
Green, Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
15
|
Maturity
31.10.2033
|
Coupon (%)
1.875
|
Issue date
31.10.2018
|
ISIN
XS1901055472
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
100
|
Term (years)
20
|
Maturity
13.06.2034
|
Coupon (%)
2.875
|
Issue date
13.06.2014
|
Further Information
Private Placement
|
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
750
|
Term (years)
12
|
Maturity
24.01.2035
|
Coupon (%)
4.000
|
Issue date
24.01.2023
|
ISIN
XS2579293536
|
Further Information
|
|
Bond type
Senior
|
Currency
JPY
|
Volume in million
20,000
|
Term (years)
30
|
Maturity
16.12.2038
|
Coupon (%)
5.460
|
Issue date
16.12.2008
|
Further Information
Private Placement
|
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
600
|
Term (years)
30
|
Maturity
07.07.2039
|
Coupon (%)
6.125
|
Issue date
07.07.2009
|
ISIN
XS0438844093
|
Further Information
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
100
|
Term (years)
25
|
Maturity
16.06.2039
|
Coupon (%)
3.080
|
Issue date
16.06.2014
|
Further Information
Private Placement
|
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
75
|
Term (years)
22
|
Maturity
21.04.2041
|
Coupon (%)
2.080
|
Issue date
14.01.2019
|
Further Information
Private Placement
|
|
|
Bond type
Senior
|
Currency
EUR
|
Volume in million
50
|
Term (years)
30
|
Maturity
01.08.2044
|
Coupon (%)
2.900
|
Issue date
01.08.2014
|
Further Information
Private Placement
|
|
|
Bond type
Green, Subordinated
|
Currency
EUR
|
Volume in million
500*
|
Term (years)
60
(NC8) |
Maturity
05.08.2079
|
Coupon (%)
1.625
|
Issue date
05.08.2019
|
ISIN
XS2035564629
|
Further Information
|
|
Bond type
Green, Subordinated
|
Currency
EUR
|
Volume in million
500*
|
Term (years)
60.25
(NC5.25) |
Maturity
05.11.2079
|
Coupon (%)
1.125
|
Issue date
05.08.2019
|
ISIN
XS2035564975
|
Further Information
|
|
Bond type
Green, Subordinated
|
Currency
EUR
|
Volume in million
500*
|
Term (years)
60
(NC6) |
Maturity
29.06.2080
|
Coupon (%)
1.875
|
Issue date
22.06.2020
|
ISIN
XS2196328608
|
Further Information
|
|
Bond type
Green, Subordinated
|
Currency
EUR
|
Volume in million
500*
|
Term (years)
60
(NC7) |
Maturity
31.08.2081
|
Coupon (%)
1.375
|
Issue date
24.08.2021
|
ISIN
XS2381272207
|
Further Information
|
|
Bond type
Subordinated
|
Currency
EUR
|
Volume in million
500*
|
Term (years)
60
(NC11) |
Maturity
31.08.2081
|
Coupon (%)
2.125
|
Issue date
24.08.2021
|
ISIN
XS2381277008
|
Further Information
|
as of 12 July 2023
* Subordinated bond coupon initially
In addition to its internal financing capabilities from its free cash flow and own funds, EnBW has several instruments at its disposal to cover its overall financial needs.
Primarily, EnBW issues public bonds as well as private placements to raise mid- and long-term debt capital via our Debt Issuance Programme. All relevant currencies and different maturities can be chosen in a flexible manner. This Debt Issuance Programme has a €10.0 billion line. As of 30 June 2023, the total volume of our bonds outstanding was round €6.9 billion.
Furthermore, subordinated bonds (subordinated fixed rate bonds) are outstanding with an overall volume of round €2.5 billion (as of 30 June 2023). They are partially recognized as equity by the rating agencies. The bonds reduce the cost of capital for EnBW and thus strengthen the capital structure of the company.
Our outstanding bonds were issued in different currencies. We generally enter into hedging transactions to manage foreign currency risk.
Credit Analysts covering EnBW
|
Bank
|
Analyst
|
Telephone
|
E-Mail
|
|---|---|---|---|
|
Bank
BNP Paribas
|
Analyst
James Sparrow
|
Telephone
|
E-Mail
|
|
Bank
Creditsights
|
Analyst
Andrew Moulder
|
Telephone
|
E-Mail
|
|
Bank
Deutsche Bank
|
Analyst
Adrien Fourcade
|
Telephone
|
E-Mail
|
|
Bank
DZ BANK
|
Analyst
Mario Kristl
|
Telephone
|
E-Mail
|
|
Bank
Landesbank Baden-Württemberg AG
|
Analyst
Erkan Ayçiçek
|
Telephone
|
E-Mail
|
The listing makes no claim to be complete.
- 24 October 2018: Green senior bond of €500 million
- 29 July 2019: Two green subordinated bonds, each of €500 million
- 22 June 2020: Green subordinated bond of €500 million
- 24 August 2021: Green subordinated bond of €500 million
- 22 November 2022: Two green senior bonds, each of €500 million
Green bonds are issued on financial markets exclusively to fund climate-friendly projects. This means that all issue proceeds go to sustainable environmental and climate protection projects. All EnBW green bonds have met the criteria for certification by the Climate Bonds Standard Board on behalf of the Climate Bonds Initiative. The August 2021 green bond issue was also assessed for taxonomy compliance for the first time as part of ISS ESG’s Second Party Opinion. ISS ESG confirmed that the projects financed with proceeds from the bond issue conform with the requirements of the EU taxonomy for environmentally sustainable economic activities.
Allocation of EnBW’s green bond proceeds
The green bonds likewise support our top non-financial performance indicators:
- Renewable energy: The share of EnBW generating capacity accounted for by renewable energies in 2020 had doubled relative to 2012. The target for 2025 is 6.5–7.5 GW installed capacity and for renewable energy sources to account for at least 50% of generating capacity.
- Climate: We actively contribute to climate protection by successively reducing the carbon intensity of our electricity generation activities (excluding nuclear power). In the period 2015 to 2020, we reduced our CO₂ intensity by 39%. Our target for 2025 is a 15% to 30% reduction compared to the base year 2018.
Green Financing Framework
Based on our Green Financing Framework, which was first published in October 2018 and is regularly updated, proceeds from our green bonds must go exclusively to projects in the following categories that are eligible for support:
- Renewable energy (onshore/offshore wind power and solar/photovoltaics)
- Energy-efficiency (such as smart meters)
- Clean transportation (such as e-mobility infrastructure/charging stations)
• Here you can find further information on the latest Framework.
Green Bond Principles
The Green Financing Framework was developed on the basis of the Green Bond Principles. These are voluntary process guidelines that recommend transparency and disclosure in order to facilitate access to green bonds by market participants and ensure the further development of the green bond market. Aspects covered by the Framework include:
- Use of issue proceeds
- Project evaluation and selection process
- Management of proceeds
- Reporting
ISS ESG Second Party Opinion
ISS ESG, a rating agency internationally specialising in sustainability, has confirmed that all EnBW green bonds issued to date comply with the Green Bond Principles on the basis of International Capital Market Association (ICMA) criteria. In addition, ISS ESG confirmed the good sustainability quality of the bonds and also our above-average sustainability performance as the issuer (ISS ESG Prime Status).
Further information on the ISS ESG Second Party Opinion 2022
Further information on the ISS ESG Second Party Opinion 2021
Further information on the ISS ESG Second Party Opinion 2020
Climate Bonds Initiative certification
Our green bonds are certified to the high standards of the Climate Bonds Initiative (CBI). The Climate Bonds Initiative (CBI) is an international organisation that works to mobilise the bond market for climate change solutions. These feature detailed sector-specific criteria for qualification as green bonds.
Further information on the Verification report of Pre-Issuance Certification 2022
Futher information on sustainability at EnBW
Green Bond Impact Report
The proceeds from our green bond issues have been channelled in their entirely to sustainable projects. Please refer to the Green Bond Impact Report for the detailed funding allocation. You can find more detailed information in the online version of our Green Bond Impact Report.
Green Financing 2022
Green Financing 2021
Green Financing 2020
Green Financing 2019
Green Financing 2018
Two programmes have been launched for this purpose:
DIP, also called EMTN (Euro Medium Term Notes), is a standardised documentation platform for the issuance of middle- and long-term bonds on the capital market. Commercial Paper Programme is a standardised documentation for the issuance of unsecured bonds on the money market with a maturity ranging from 1 day to 364 days.
Debt Issuance Programme (DIP)
|
Issuers:
|
EnBW Energie Baden-Württemberg AG or EnBW International Finance B.V.
|
|
Guarantor:
|
EnBW Energie Baden-Württemberg AG In respect of issued by EnBW International Finance B.V.
|
|
Programme amount:
|
€10bn
|
|
Arranger:
|
Deutsche Bank AG
|
|
Dealers:
|
Barclays, BayernLB, Banco Bilbao Vizcaya Argentaria, BNP PARIBAS, Citigroup, Commerzbank, Deutsche Bank, DZ BANK, HSBC, ING, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Morgan Stanley, MUFG, NatWest Markets, SMBC Bank EU AG, SEB, Société Générale Corporate & Investment Banking, UniCredit
|
|
Fiscal Agent:
|
Deutsche Bank AG
|
|
Paying Agents:
|
Deutsche Bank AG and each other institution given in the paper of conditions
|
|
Listing Agent:
|
Deutsche Bank Luxembourg S.A.
|
Commercial Paper Programme
|
Issuers:
|
EnBW Energie Baden-Württemberg AG or EnBW International Finance B.V.
|
|
Guarantor:
|
EnBW Energie Baden-Württemberg AG In respect of issued by EnBW International Finance B.V.
|
|
Programme amount:
|
€2bn
|
|
Term:
|
Not less than 1 and no more than 364 days
|
|
Arranger:
|
Landesbank Baden-Württemberg
|
|
Dealers:
|
Banco Bilbao Vizcaya Argentaria, S.A.; Barclays Bank PLC; Bayrische Landesbank; BPN Paribas; Citibank Europe plc, UK Branch; Commerzbank Aktiengesellschaft; DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main; J.P. Morgen Securities plc; Landesbank Baden-Württemberg, Landesbank Hessen-Tueringen; Skandinaviska Enskilda Banken AK (Publ); Société Générale, The Royal Bank of Scotland (trading as NatWest Markets), UniCredit Bank AG
|
|
Fiscal Agent:
|
Deutsche Bank Aktiengesellschaft
|
Further information on our emission programmes are available in our downloadcenter.
EnBW-Ratings
|
Moody's
|
Standard & Poor's
|
|
|---|---|---|
|
Long-term Issuer Rating
|
Moody's
Baa1
|
Standard & Poor's
A-
|
|
Senior Unsecured Rating
|
Moody's
Baa1
|
Standard & Poor's
A-
|
|
Subordinated Rating
|
Moody's
Baa3
|
Standard & Poor's
BBB-
|
|
Short-term Rating
|
Moody's
Prime-2
|
Standard & Poor's
A-2
|
|
Outlook
|
Moody's
stable
|
Standard & Poor's
stable
|
|
Analyst
|
Moody's
Knut Slatten
|
Standard & Poor's
Gerardo Leal
|
|
Report
|
Moody's
|
Standard & Poor's
|
|
Latest publication
|
Moody's
|
Standard & Poor's
|
As of 30.03.2023
Standard & Poor's has rated EnBW's credit standing since December 2000, Moody's since January 2002.
EnBW-Rating history
|
Moody's
|
Standard & Poor's
|
|
|---|---|---|
|
2020
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2019
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2018
|
Moody's
A3/stable
|
Standard & Poor's
A-/stable
|
|
2017
|
Moody's
Baa1/stable
|
Standard & Poor's
A-/stable
|
|
2016
|
Moody's
A3/negative
|
Standard & Poor's
A-/negative
|
|
2015
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2014
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2013
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2012
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2011
|
Moody's
A3/negative
|
Standard & Poor's
A-/stable
|
|
2010
|
Moody's
A2/stable
|
Standard & Poor's
A-/negative
|
Rating Scales of Moody’s and S&P
|
Moody's
|
Standard & Poor's
| ||
|---|---|---|---|
|
Moody's
Aaa
|
Standard & Poor's
AAA
|
Investment grade
|
|
|
Moody's
Aa1
|
Standard & Poor's
AA+
|
Investment grade
|
|
|
Moody's
Aa2
|
Standard & Poor's
AA
|
Investment grade
|
|
|
Moody's
Aa3
|
Standard & Poor's
AA-
|
Investment grade
|
|
|
Moody's
A1
|
Standard & Poor's
A+
|
Investment grade
|
|
|
Moody's
A2
|
Standard & Poor's
A
|
Investment grade
|
|
|
Moody's
A3
|
Standard & Poor's
A-
|
Investment grade
|
|
|
Moody's
Baa1
|
Standard & Poor's
BBB+
|
Investment grade
|
|
|
Moody's
Baa2
|
Standard & Poor's
BBB
|
Investment grade
|
|
|
Moody's
Baa3
|
Standard & Poor's
BBB-
|
Investment grade
|
|
|
Moody's
Ba1
|
Standard & Poor's
BB+
|
Non-Investment grade
|
|
|
Moody's
Ba2
|
Standard & Poor's
BB
|
Non-Investment grade
|
|
|
Moody's
Ba3
|
Standard & Poor's
BB-
|
Non-Investment grade
|
|
|
Moody's
B1
|
Standard & Poor's
B+
|
Non-Investment grade
|
|
|
Moody's
B2
|
Standard & Poor's
B
|
Non-Investment grade
|
|
|
Moody's
B3
|
Standard & Poor's
B-
|
Non-Investment grade
|
|
|
Moody's
Caa
|
Standard & Poor's
CCC
|
Non-Investment grade
|
|
|
Moody's
Ca
|
Standard & Poor's
CC
|
Non-Investment grade
|
|
|
Moody's
C
|
Standard & Poor's
C
|
Non-Investment grade
|
|
|
Standard & Poor's
D
|
Non-Investment grade
|
Sources: Moody's, S&P
Our non-financial performance is regularly rated in ESG ratings by external organisations.
EnBW International Finance B.V.
EnBW International Finance B.V. was established by EnBW AG as a limited liability company under Dutch law on 3 April 2001 and is registered in the commercial register held with the Dutch Chamber of Commerce under number 32085302. The Company has started holding activities in 2010. The business purpose of EnBW International Finance B.V. comprises financing and investment activities.
Organisational structure
EnBW International Finance B.V. is a 100% subsidiary of EnBW AG and is therefore part of the EnBW Group. It has currently no subsidiaries of its own. EnBW International Finance B.V. is the financing company of the EnBW Group.
Management Board
The management board of EnBW International Finance B.V. is composed of the following members:
- Peter Berlin
Managing Director of EnBW International Finance B.V.
Director Capital Markets of EnBW Energie Baden-Württemberg AG - Willem Paul Ruoff
Managing Director of EnBW International Finance B.V.
Supervisory Board
The supervisory board of EnBW International Finance B.V. is composed of the following members:
- Marcel Münch
Chairman of the Supervisory Board of EnBW International Finance B.V. - Dr. Gerd Gutekunst
Member of the Supervisory Board of EnBW International Finance B.V.
Head of Tax of EnBW Energie Baden-Württemberg AG - Floris van der Rhee
Member of the Supervisory Board of EnBW International Finance B.V.
Audit Committee
The audit committee of EnBW International Finance B.V. is composed of the following members:
- Jan Humme
Chairman of the audit committee of EnBW International Finance B.V. - Floris van der Rhee
Member of the audit committee of EnBW International Finance B.V. - Marcel Münch
Member of the audit committee of EnBW International Finance B.V.
Address
|
EnBW International Finance B.V.
Herikerbergweg 122 1101 CM Amsterdam The Netherlands |
Further annual financial statements and six-monthly financial reports of International Finance B.V. are available in our downloadcenter.