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EnBW issues a further green subordinated bond

Issue size €500 million, 60-year term / sustainability impact assessment by ISS ESG and CBI / CFO Thomas Kusterer: “We continue to focus on expansion in renewable energies”

Information on the subordinated bond at a glance:

EUR 500 million
Term to maturity
60 years
Initial coupon
1.875 %
Issue price
99.30 %
EnBW Energie Baden-Württemberg AG
Bond rating
Baa2 (Moodys), BBB- (S&P), BBB (Fitch)
First interest payment date
29 June 2021
First optional redemption date
29 March 2026
EUR 100,000.00
Further key bond features
  • EnBW has the right to suspend interest payments. However, these must be made when EnBW distributes a dividend.
  • EnBW has the right to suspend interest payments. However, these must be made when EnBW distributes a dividend.
  • Subordinate.
  • For full terms and conditions please see the prospectus.
Joint Global Coordinators and
Joint Structuring Advisors
NatWest Markets (B&D) /
Société Générale
Joint Lead Managers
BBVA / Morgan Stanley / NatWest Markets (B&D) / Société Générale / SEB / UniCredit Bank
Legal advisory
Clifford Chance Deutschland LLB (EnBW); Linklaters LLP (Banks)
Stock exchange

Further information:

EnBW Green Financing Framework:


About ISS: ISS ESG is one of the world’s leading ESG research and rating agencies with an established rating methodology and high market recognition. ISS ESG analyses key equities and bond issuers worldwide for their environmental, social and governance performance.


About the Climate Bonds Initiative (CBI): CBI aims at increasing investments contributing to the transition to a low-carbon and climate resilient economy. The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans & other debt instruments based on rigorous scientific criteria ensuring that it is consistent with the goals of the Paris Climate Agreement.



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