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
Senior
|
Currency
EUR
|
Volume in million
500
|
Term (years)
4.5
|
Maturity
20.05.2029
|
Coupon (%)
3.000
|
Issue date
13.11.2024
|
ISIN
XS2942478822
|
Further information
|
|
Bond type
Green, Senior
|
Currency
AUD
|
Volume in million
350
|
Term (years)
5
|
Maturity
30.10.2029
|
Coupon (%)
5.302
|
Issue date
24.10.2024
|
ISIN
AU3CB0315083
|
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
Green, Senior
|
Currency
EUR
|
Volume in million
650
|
Term (years)
7
|
Maturity
22.07.2031
|
Coupon (%)
3.500
|
Issue date
22.07.2024
|
ISIN
XS2862984510
|
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
Green, Senior
|
Currency
EUR
|
Volume in million
1,000
|
Term (years)
11
|
Maturity
20.11.2035
|
Coupon (%)
3.750
|
Issue date
13.11.2024
|
ISIN
XS2942479044
|
Further information
|
|
Bond type
Green, Senior
|
Currency
EUR
|
Volume in million
550
|
Term (years)
12
|
Maturity
22.07.2036
|
Coupon (%)
4.000
|
Issue date
22.07.2024
|
ISIN
XS2862984601
|
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
Green, Senior
|
Currency
AUD
|
Volume in million
650
|
Term (years)
10
|
Maturity
30.10.2034
|
Coupon (%)
6.048
|
Issue date
24.10.2024
|
ISIN
AU3CB0315091
|
Further information
|
|
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, Hybrid
|
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, Hybrid
|
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, Hybrid
|
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
Hybrid
|
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, Hybrid
|
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 20 November 2024
* Hybridbond 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 (Increased from €10 bn to €15 bn on 7 October 2024). As of 30 September 2024, the total volume of our bonds outstanding was around € 10.0 billion.
Furthermore, hybrid bonds (subordinated fixed rate bonds) are outstanding with an overall volume of round €3.0 billion (as of 30 September 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
|
Company
|
Analyst
|
Telephone
|
E-Mail
|
|---|---|---|---|
|
Company
Bank of America Merrill Lynch
|
Analyst
Prithvi Vetsa
|
Telephone
|
E-Mail
|
|
Company
BBVA
|
Analyst
Ana Greco
|
Telephone
|
E-Mail
|
|
Company
BNP Paribas
|
Analyst
James Sparrow
|
Telephone
|
E-Mail
|
|
Company
Creditsights
|
Analyst
Andrew Moulder
|
Telephone
|
E-Mail
|
|
Company
Deutsche Bank
|
Analyst
Adrien Fourcade
|
Telephone
|
E-Mail
|
|
Company
DZ BANK
|
Analyst
Mario Kristl
|
Telephone
|
E-Mail
|
|
Company
Landesbank Baden-Württemberg AG
|
Analyst
Erkan Ayçiçek
|
Telephone
|
E-Mail
|
|
Company
NatWest Markets
|
Analyst
Magdalena Richardson
|
Telephone
|
E-Mail
|
The listing makes no claim to be complete.
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 issued until January 2024 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.
The green bonds likewise support our top non-financial performance indicators:
- 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
Green Financing Framework
Based on our Green Financing Framework, which was first published in October 2018 and last updated in July 2024, proceeds from our green bonds can only be allocated to projects in the following categories that are eligible for support:
- Energy generation from renewable energies: onshore/offshore wind, solar/photovoltaics and hydropower
- Electricity transmission and distribution infrastructure
- Smart meters
- E-mobility charging infrastructure
Green Financing Framework 2024
Further Green Financing Framework are available in our downloadcenter.
Green Bond and Green Loan Principles
The Framework is consistent with both the current ICMA Green Bond Principles and LMA Green Loan Principles and is therefore in accordance with all relevant market standards. In addition, the Green Financing Framework stipulates that all green financing proceeds can only be used for EU Taxonomy-aligned projects that also contribute to at least one of the 17 UN Sustainable Development Goals (UN SDGs 7, 9, 11, or 13).
Aspects covered by the Framework include:
- Use of proceeds
- Project evaluation and selection
- Management of proceeds
- Reporting
- External review
ISS-Corporate Second Party Opinion
The independent sustainability agency ISS-Corporate issued a second party opinion confirming compliance with the ICMA and LMA principles, the company’s sustainability strategy and the positive contribution of the financed projects to the UN SDGs and the EU taxonomy.
ISS-Corporate Second Party Opinion 2024
Further Second Party Opinion are available in our downloadcenter.
Climate Bonds Initiative certification
All green bonds issued until January 2024 were certified by 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 CBI documents are available in our downloadcenter.
Following programmes have been launched for this purpose:
Debt Issuance Programme (DIP) includes EMTN (Euro Medium Term Notes) and AMTN (Australian Medium Term Notes). It 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:
|
€15 bn
|
|
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: EMTN
|
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:
|
Unlimited
|
|
Arranger:
|
Deutsche Bank AG, Sydney Branch
|
|
Dealers:
|
Deutsche Bank AG, Sydney Branch, SMBC Nikko Securities (Hong Kong) Limited
|
|
Issuing & Paying Agent:
|
BTA Institutional Services Australia Limited
|
|
Registrar:
|
BTA Institutional Services Australia Limited
|
|
Calculation Agent:
|
BTA Institutional Services Australia Limited
|
Debt Issuance Programme: AMTN
|
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
|
Financing programme
|
Volume
|
|---|---|
|
Financing programme
Euro Medium Term Notes Programme
|
Volume
€15 bn
|
|
Financing programme
Australian Medium Term Notes Programme
|
Volume
unlimited
|
|
Financing programme
Commercial Paper Programme
|
Volume
€2 bn
|
|
Financing programme
Sustainability-linked syndicated credit line
|
Volume
€2 bn
|
As of 5 November 2024
|
Other financing sources
|
|---|
|
Other financing sources
Hybrid bonds
|
|
Other financing sources
Bilateral credit lines (committed and uncommitted)
|
|
Other financing sources
Promissory notes, US Private Placement
|
|
Other financing sources
Bank loans and promissory notes of subsidiaries
|
Further information on our emission programmes are available in our downloadcenter.
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 22.10.2024
Standard & Poor's has rated EnBW's credit standing since December 2000, Moody's since January 2002.
|
Moody's
|
Standard & Poor's
|
|
|---|---|---|
|
2024
|
Moody's
Baa1/stable
|
Standard & Poor's
A-/stable
|
|
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
|
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
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.
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
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
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
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
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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.