Eni has returned to the capital markets with the launch of a new fixed-rate, euro-denominated perpetual subordinated hybrid bond aimed exclusively at institutional investors. Issued under the Group’s Euro Medium Term Note Programme and subject to market conditions, the bond will be listed on both the Italian Stock Exchange and the Luxembourg Stock Exchange, enhancing its visibility and accessibility to a broad institutional investor base. The transaction reflects Eni’s proactive and disciplined approach to managing its financial structure.
Approved by the Board of Directors on 11 December 2025, the issuance is designed to maintain a balanced financial profile while supporting the company’s general corporate needs. The hybrid bond strengthens Eni’s capital position without resorting to equity issuance, leveraging its hybrid characteristics. Eni may redeem the bond within three months prior to the first reset date and on any subsequent interest payment date, with the first reset scheduled 6.25 years after issuance on 19 April 2032. The bond is expected to receive investment-grade ratings—BBB from S&P and Fitch and Baa2 from Moody’s—with an equity content of 50%. The issuance is supported by a strong syndicate of leading international banks acting as joint lead managers.
