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Bonds

Fixed Income – a comprehensive overview of credit ratings, outstanding debt instruments and EnBW’s funding strategy for informed financial analysis.

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
Green, Senior
Currency
EUR
Volume in million
650
Term (years)
6.5
Maturity
23.05.2030
Coupon (%)
3.850
Issue date
23.11.2023
ISIN
XS2722717472
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
Green, Senior
Currency
EUR
Volume in million
850
Term (years)
10.5
Maturity
23.05.2034
Coupon (%)
4.300
Issue date
23.11.2023
ISIN
XS2722717555
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
Bond type
Green, Subordinated
Currency
EUR
Volume in million
500*
Term (years)
60
(NC6)
Maturity
23.01.2084
Coupon (%)
5.250
Issue date
23.01.2024
ISIN
XS2751678272
Further Information

as of 31 March 2024

* Subordinated bond coupon initially

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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 March 2024, the total volume of our bonds outstanding was around € 8.8 billion.

Furthermore, subordinated bonds (subordinated fixed rate bonds) are outstanding with an overall volume of round €3.0 billion (as of 31 March 2024). 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
Bank of America Merrill Lynch
Analyst
Prithvi Vetsa
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
Bank
NatWest Markets
Analyst
Magdalena Richardson
Telephone
E-Mail

The listing makes no claim to be complete.

Green Financing

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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EnBW green bonds:
  • 2018: Green senior bond, €500 million
  • 2019: Two green subordinated bonds, each €500 million
  • 2020: Green subordinated bond, €500 million
  • 2021: Green subordinated bond, €500 million
  • 2022: Two green senior bonds, each €500 million
  • 2023: Two green senior bonds - €650 million and €850 million
  • 2024: Green subordinated bond, €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 Corporates Second Party Opinion. ISS Corporate confirmed that the projects financed with proceeds from the bond issue conform with the requirements of the EU taxonomy for environmentally sustainable economic activities.

Further information about our bonds can be found in our bonds overview.

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Allocation of EnBWs green bond proceeds

Allocation of EnBW’s green bond proceeds

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Share of proceeds used for new build projects or for refinancing existing projects

Share of proceeds used for new build projects or for refinancing existing projects
Green Bond Impact Report
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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.

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The green bonds likewise support our top non-financial performance indicators:

Environment
  • Expansion of renewable energies: The share of EnBW generating capacity accounted for by renewable energies increased by more than 60% between 2018 and 2023. 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 2023, the CO₂ intensity decreased by ~37 % compared to 2018. Our target for 2025 is a 15 % to 30 % reduction compared to the base year 2018.

Green Financing

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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 energies: onshore/offshore wind power generation and solar/photovoltaics
  • E-mobility infrastructure: fast charging stations for electric vehicles
  • Expansion of the grid infrastructure


Green Financing Framework 2023

Green Financing Framework 2022

Further Green Financing Framework are available in our downloadcenter.

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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
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ISS Corporate Second Party Opinion

ISS Corporate, 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 Corporate confirmed the good sustainability quality of the bonds and also our above-average sustainability performance as the issuer (ISS Corporate Prime Status).


ISS Corporate Second Party Opinion 2023

ISS ESG Second Party Opinion 2022

Further Second Party Opinion are available in our downloadcenter.

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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.


CBI Certificate 2024

CBI Pre-Issuance Certification 2023

CBI Pre-Issuance Certification 2022

CBI Post-Issuance Certification 2022

Further CBI documents are available in our downloadcenter.

Emission programmes

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

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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.

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, Crédit Agricole, 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.

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:
€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

Commercial Paper Programme

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

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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's 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
Mark Remshardt
Standard & Poor's
Gerardo Leal
Report
Moody's
Standard & Poor's
Latest publication
Moody's
Standard & Poor's

As of 10.01.2024

Standard & Poor's has rated EnBW's credit standing since December 2000, Moody's since January 2002.

Moody's
Standard & Poor's
2023
Moody's
Baa1/stable
Standard & Poor's
A-/stable
2022
Moody's
Baa1/stable
Standard & Poor's
A-/ negative
2021
Moody's
Baa1/stable
Standard & Poor's
A-/stable
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

History of EnBW’s ratings

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

Rating scales of Moody’s and S&P

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Our non-financial performance is regularly rated in ESG ratings by external organisations.

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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.

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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.

Organisational structure

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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.

Management Board

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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.

Supervisory Board

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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.

Audit Committee

Address

EnBW International Finance B.V.
Herikerbergweg 122
1101 CM Amsterdam
The Netherlands
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Further annual financial statements and six-monthly financial reports of International Finance B.V. are available in our downloadcenter.