Date: January 12, 2023 Time: 00:30:50
Eni, the Italian state-controlled oil company, has announced this Wednesday the launch of bonds linked to its objectives in favor of sustainability for a total value of 1,000 million euros for January 16, as reported in a note. In this way, it commits to reduce its greenhouse gas emissions and increase its renewable assets.
The company has explained that the minimum lot will be 2,000 euros, will have a duration of 5 years and its acquisition will have no cost or commission. In addition, if there is excess demand, the amount of the bonds may grow up to 2,000 million euros.
Claudio Descalzi, CEO of the company, has pointed out that “Eni is currently an extremely robust company from a financial and industrial point of view” with a growth model that wants to promote the energy transition and the reduction of emissions.
“With this awareness, we want to offer the Italian public a solid savings instrument that can involve them in our path towards a completely decarbonized and technologically advanced and diversified energy,” he said. The project will be listed on the Mercato Telematico delle Obbligazioni (MOT), organized and managed by the Italian stock exchange.
Sustainability-linked bonds are a type of financial product whose characteristics change depending on whether the issuer achieves certain sustainability objectives. Last September, the Bank for International Settlements defended that the incipient market for bonds linked to sustainability offers advantages over conventional green bonds because they penalize the issuer if the objectives established on a date are not achieved.
