Bonds

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 31 December 2022, the total volume of our bonds outstanding was round €5.7 billion.

Furthermore, subordinated bonds (subordinated fixed rate bonds) are outstanding with an overall volume of round €3.5 billion (as of 31 December 2022). 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.

• 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.

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.

Futher information on sustainability at EnBW

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.

Further information on our emission programmes are available in our downloadcenter.