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Record Demand for Iberdrola’s Hybrid Green Bond Iberdrola has successfully placed an €800 million hybrid green bond in the Euromarket, as reported to Spain’s National Securities Market Commission (CNMV). The…
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Iberdrola Places €800 Million Hybrid Green Bond with 3.75x Oversubscription
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Iberdrola Places €800 Million Hybrid Green Bond with 3.75x Oversubscription
by ESG News
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November 22, 2024
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Iberdrola’s €800 million hybrid green bond saw 3.75 times oversubscription, with demand exceeding €3 billion from over 200 international investors.
The bond, with a competitive 4.25% coupon, is Iberdrola’s most attractive hybrid issuance in three years, supported by favorable market conditions and strong investor confidence.
Proceeds will refinance renewable assets linked to a 2019 hybrid bond, maintaining Iberdrola’s hybrid stack at €8.25 billion.
Record Demand for Iberdrola’s Hybrid Green Bond
Iberdrola has successfully placed an €800 million hybrid green bond in the Euromarket, as reported to Spain’s National Securities Market Commission (CNMV). The bond, set at a competitive 4.25% coupon, marks the company’s most favorable hybrid issuance in three years. The issuance is perpetual, with a par call option in August 2030.
Investor demand was overwhelming, reaching more than €3 billion—3.75 times the issuance value—attracting over 200 international investors, primarily from Europe and the UK.
Market Confidence and Strategic Refinancing
Despite challenging market conditions influenced by geopolitical instability, Iberdrola secured this issuance with a near-zero premium. This success reflects investor confidence in the company’s financial stability, growth prospects, and strategic ambition.
The proceeds will refinance renewable assets linked to Iberdrola’s 2019 hybrid bond. With the call-back set to occur soon, the company’s hybrid stack will remain stable at €8.25 billion.
The operation also aligns with the methodologies of major rating agencies, which classify hybrid bonds as 50% capital, helping Iberdrola maintain its credit ratings.
Broader Context of Iberdrola’s Market Activity
This issuance marks Iberdrola’s eighth market operation in 2024, raising a total of €6.6 billion across diverse markets. Key transactions include:
January: €700 million hybrid bond issuance.
June: 335 million Swiss francs raised in Switzerland.
July: €750 million senior bond issuance.
September 23: Largest-ever senior debt issuance totaling €2.15 billion.
October: €500 million green bond issuance in Sterling.
November: 750 million Australian dollars in green debt issued.
Iberdrola remains the only European utility conducting transactions across multiple currencies this year, including Swiss francs, British pounds, Australian dollars, and Norwegian kroner.
International Participation
The success of this hybrid green bond was facilitated by nine top-tier banks, including BNP, HSBC, JP Morgan, and Santander. Their support enabled Iberdrola to access a broad investor base and secure a favorable deal in a competitive market environment.
This issuance reinforces Iberdrola’s position as a leader in sustainable finance while advancing its environmental goals and maintaining its financial strength.
Related Article: Iberdrola to Invest $31 Billion in UK by 2028, Doubling Investment to Boost Grid and Renewables
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