EUR Bmk PNC5.25 (Jan 2026) @ 3.250% area (Annual Yields)
EUR Bmk PNC9 (Oct 2029) @ 3.875% area (Annual Yields)
Books open, today's business
Issuer: Eni S.p.A. (Ticker: ENIIM)(Country: IT)
Issuer LEI: BUCRF72VH5RBN7X3VL35
Senior Rating (M/S/F): Baa1 (sta) / A- (neg) / A- (sta)
Expected Instrument Rating (M/S/F): Baa3 / BBB / BBB
Expected Equity Credit (M/S/F): Moody’s 50% / S&P 50% until First Reset Date / Fitch 50%
Status of the Notes: Unconditional, unsecured and deeply subordinated obligations, senior only to the Issuer’s share capital
Format: Reg. S, bearer form (TEFRA rules apply, no communications with or into the U.S.)
Currency: EUR EUR
Size: Benchmark Benchmark
Maturity: Perp. NC5.25 Perp. NC9
IPTs (annual yield): 3.250% area 3.875% area
Settlement Date: 13 October 2020 (T+5) 13 October 2020 (T+5)
First Call Date: 13 October 2025 13 July 2029
First Reset Date: 13 January 2026 13 October 2029
Interest: [●]% fixed rate to First Reset Date, payable annually in arrears. Thereafter, resets on every Reset Date to the Reset Reference Bank Rate + the Margin (incl. the relevant Step-up); annual rate act./act [●]% fixed rate to First Reset Date, payable annually in arrears. Thereafter, resets on every Reset Date to the Reset Reference Bank Rate + the Margin (incl. the relevant Step-up); annual rate act./act
First Step-up (+25bps): 13 January 2031 13 October 2034
Second Step-up (+100bps): 13 January 2046 13 October 2049
Interest Payment Date: 13 January in each year commencing on 13 January 2021 (short first coupon) 13 October in each year commencing on 13 October 2021
ISIN: XS2242929532 XS2242931603
Denominations: €100k X €1k €100k X €1k
Optional Interest Deferral: Optional deferral, in whole or in part, at any time, at the Issuer’s discretion, cash cumulative and not compounding. Junior and parity pusher on deferred interest, subject to customary carve-out
Optional Redemption: First Call Date and on any day thereafter to (and including) the First Reset Date (3 month par call) or on any Interest Payment Date thereafter at their outstanding principal amount plus any accrued but unpaid interest and deferred interest (if any)
Special Event Redemption: Accounting Event, a Rating Agency Event or a Tax Deduction Event: at 101% of the principal amount until three months prior to the First Reset Date, and 100% thereafter; Gross-Up Event and Substantial Purchase Event (≥75%) at 100% of the principal amount of the Notes
Replacement Language: Replacement intention (subject to customary carve-outs)
Exchange or Variation: Exchange or variation option upon, occurrence of an Accounting Event, a Gross-Up Event, a Rating Agency Event or a Tax Deduction Event, subject to certain conditions, so that the Notes remain or become Qualifying Securities
Documentation / Governing Law: Standalone - Preliminary Prospectus dated 5 October 2020 / English law, status and subordination governed by Italian law
Listing: Luxembourg Stock Exchange (regulated market)
Clearing: Euroclear / Clearstream
Joint Structuring Agents and Global Coordinators: Barclays, BNPP (B&D), Goldman Sachs International
Joint Bookrunners: Barclays, BNPP (B&D), Citi, Goldman Sachs International, HSBC, Santander, SMBC Nikko, UniCredit
Use of Proceeds: General corporate purposes
MiFID II Target Market: Eligible Counterparties and Professional Clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
Selling Restrictions: Regulation S (Cat 2), TEFRA D rules apply, no communications with or into the U.S., no sales into Canada
Advertisement: NetRoadshow: NetRoadshow | Passcode: Performance44 (not case-sensitive)
Marketing: The final prospectus, when published, will be available on the website of the Luxembourg Stock Exchange (Home)
Timing: Books open, today’s business
EUR Bmk PNC9 (Oct 2029) @ 3.875% area (Annual Yields)
Books open, today's business
Issuer: Eni S.p.A. (Ticker: ENIIM)(Country: IT)
Issuer LEI: BUCRF72VH5RBN7X3VL35
Senior Rating (M/S/F): Baa1 (sta) / A- (neg) / A- (sta)
Expected Instrument Rating (M/S/F): Baa3 / BBB / BBB
Expected Equity Credit (M/S/F): Moody’s 50% / S&P 50% until First Reset Date / Fitch 50%
Status of the Notes: Unconditional, unsecured and deeply subordinated obligations, senior only to the Issuer’s share capital
Format: Reg. S, bearer form (TEFRA rules apply, no communications with or into the U.S.)
Currency: EUR EUR
Size: Benchmark Benchmark
Maturity: Perp. NC5.25 Perp. NC9
IPTs (annual yield): 3.250% area 3.875% area
Settlement Date: 13 October 2020 (T+5) 13 October 2020 (T+5)
First Call Date: 13 October 2025 13 July 2029
First Reset Date: 13 January 2026 13 October 2029
Interest: [●]% fixed rate to First Reset Date, payable annually in arrears. Thereafter, resets on every Reset Date to the Reset Reference Bank Rate + the Margin (incl. the relevant Step-up); annual rate act./act [●]% fixed rate to First Reset Date, payable annually in arrears. Thereafter, resets on every Reset Date to the Reset Reference Bank Rate + the Margin (incl. the relevant Step-up); annual rate act./act
First Step-up (+25bps): 13 January 2031 13 October 2034
Second Step-up (+100bps): 13 January 2046 13 October 2049
Interest Payment Date: 13 January in each year commencing on 13 January 2021 (short first coupon) 13 October in each year commencing on 13 October 2021
ISIN: XS2242929532 XS2242931603
Denominations: €100k X €1k €100k X €1k
Optional Interest Deferral: Optional deferral, in whole or in part, at any time, at the Issuer’s discretion, cash cumulative and not compounding. Junior and parity pusher on deferred interest, subject to customary carve-out
Optional Redemption: First Call Date and on any day thereafter to (and including) the First Reset Date (3 month par call) or on any Interest Payment Date thereafter at their outstanding principal amount plus any accrued but unpaid interest and deferred interest (if any)
Special Event Redemption: Accounting Event, a Rating Agency Event or a Tax Deduction Event: at 101% of the principal amount until three months prior to the First Reset Date, and 100% thereafter; Gross-Up Event and Substantial Purchase Event (≥75%) at 100% of the principal amount of the Notes
Replacement Language: Replacement intention (subject to customary carve-outs)
Exchange or Variation: Exchange or variation option upon, occurrence of an Accounting Event, a Gross-Up Event, a Rating Agency Event or a Tax Deduction Event, subject to certain conditions, so that the Notes remain or become Qualifying Securities
Documentation / Governing Law: Standalone - Preliminary Prospectus dated 5 October 2020 / English law, status and subordination governed by Italian law
Listing: Luxembourg Stock Exchange (regulated market)
Clearing: Euroclear / Clearstream
Joint Structuring Agents and Global Coordinators: Barclays, BNPP (B&D), Goldman Sachs International
Joint Bookrunners: Barclays, BNPP (B&D), Citi, Goldman Sachs International, HSBC, Santander, SMBC Nikko, UniCredit
Use of Proceeds: General corporate purposes
MiFID II Target Market: Eligible Counterparties and Professional Clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
Selling Restrictions: Regulation S (Cat 2), TEFRA D rules apply, no communications with or into the U.S., no sales into Canada
Advertisement: NetRoadshow: NetRoadshow | Passcode: Performance44 (not case-sensitive)
Marketing: The final prospectus, when published, will be available on the website of the Luxembourg Stock Exchange (Home)
Timing: Books open, today’s business
