Capital Markets: Issuer Strategy - Enel Goes To Bond Market - Italy's Enel Is Set To Become A Bond Market Regular, Following Its Successful Bid For Spain's Endesa. Finance Chief Claudio Machetti Talks To Edward Russell- Walling About Its Latest Corporate.(Enel S.p.A., Endesa S.A., E.ON Energie AG)

Banker, The, August, 2007 by RUSSELL-WALLING, EDWARD

Byline: EDWARD RUSSELL-WALLING

Enel, Italy's biggest electricity utility, has been a rare visitor to the international bond markets, since it has not been short of cash. But its acquisition of Spain's Endesa has put an end to that, and it inaugurated its new status as a regular borrower with the biggest corporate issue of the past 18 months - 5bn equivalent in five tranches and two currencies.

Enel last came to the public debt markets in 2004 and, before that, in 2001.

"Before the Endesa deal, Enel had no particular financial needs," says head of finance Claudio Machetti. "Our cashflow was more than enough to finance our investments. But after this acquisition, the scenario changed dramatically. From now on we are likely to become quite a...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.