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Bonds

In addition to retained cash flow our business development is to be financed by external debt financing. Various financing instruments give EnBW flexible access to the debt capital markets.

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

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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.

Green bonds

EnBW sees sustainability as an integral part of its business strategy. As part of our financing strategy, we use green bonds as a sustainable financing instrument.

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Allocation of EnBWs green bond proceeds
As of 31 December 2022

Allocation of EnBW’s green bond proceeds

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Green Financing Framework

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Green Bond Principles

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ISS ESG Second Party Opinion

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Climate Bonds Initiative certification

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Green Bond Impact Report

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Green Financing 2022

Green Financing 2021

Green Financing 2020

Green Financing 2019

Green Financing 2018

Emission programmes

EnBW has standardised the documentation for the issuance of bonds on the money and capital market.

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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

Ratings

Moody's and Standard & Poor's assess the creditworthiness of EnBW. These credit ratings play an important role for access to debt capital markets and the level of financing costs.

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

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EnBW International Finance B.V.

Organisational structure

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Management Board

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Supervisory Board

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Audit Committee

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Address

EnBW International Finance B.V.
Herikerbergweg 122
1101 CM Amsterdam
The Netherlands
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