(Alliance News) - Eni Spa announced on Monday its intention to launch, subject to market conditions, a new subordinated perpetual hybrid bond issue, denominated in euros, with a fixed rate and aimed at institutional investors as part of its Euro Medium Term Note program.
As the company explained in a statement, Eni will have the option to redeem the hybrid bond at any time within the three months preceding the first reset date, and subsequently on each interest payment date.
The first reset date is expected to occur 6.25 years from issuance, specifically on April 19, 2032.
The bond will be listed on the regulated markets of Borsa Italiana Spa and the Luxembourg Stock Exchange.
The company also expects rating agencies to assign the bonds a rating of BBB / BBB / Baa2 (S&P / Fitch / Moody's) and an "equity content" of 50%.
Eni shares are up 0.4% at EUR16.12 each.
By Claudia Cavaliere, Alliance News reporter
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