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Bond issuances

TESTATA Bond emission 1Q 2021

Bond issuances Q3 2023

The bond issuances and contracted loans are adequate to meet the Group's investment needs and, at the same time, are obtained at competitive conditions, without any interest rate risk.

Current cash and lines of credit, in addition to the resources generated by the operating and financing activities, are deemed more than sufficient to meet future financial needs.

As at 31 December 2023, the Group had committed credit lines of 1,565 million euro and uncommitted credit lines of 752 million euro.

The credit lines are distributed among leading Italian and international banks and allow for adequate diversification of counterparty risk and competitive conditions.

During the 2023 financial year, a committed line contracted with the European Investment Bank for 460 million euros was activated, usable within the next three financial years and repayable in sixteen years starting four years from the drawdown date.

The Group's issuances

The Group's objective is to ensure a liquidity level that can easily cover every contractual obligation, both in the normal course of business and under crisis conditions, through maintenance of available credit facilities, liquidity and rapid undertaking of negotiations with regard to loans about to mature, optimizing the cost of funding in relation to current and future market conditions.

The bond issuance optimises the Company debt structure and lengthens its average maturity. The oversubscriptions of the order books and the warm welcome received by Hera show how institutional investors endorsed the industrial and financial strategy of the Company and prove how the Eurobond market represents for Hera a stable source for medium term capital.

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Bond emission 2 accordion 1Q 2021


BOND 2016-2026

Euro 400 million, 10- year bond offered to qualified investors at Mid Swap Rate + 60 basis points. The credit spread at which the Group has priced the new issue is 45 basis points below the 10-year Italian.

Issuer Hera S.P.A.  ISIN code XS1504194173 
Issue Price 99.033%  Coupon Date 14-10 
Issued ammount (€) 400 mln  Maturity Date 14/10/2026 
Annual Coupon 0.875%  Interest Accrue Date 14/10/2017 
    Yield to maturity 0.977% 
Rating S&P's* BBB, Stable outlook Listing Luxembourg Stock Exchange 
Rating Moody's* Baa1, Stable outlook  Update time 14/10/2016 

* Data source: HERA SPA

BOND 2020-2030

The Hera Group has successfully placed a bond for qualified investors on the Eurobond market, with a nominal amount coming to 500 million euro and a 10-year maturity. The bond has been issued as part of the Euro Medium Term Notes Programme (updated on 24 November 2020 increasing to 3.5 billion euro the maximum principal amount of notes that may be simultaneously outstanding).

Issuer Hera S.P.A. ISIN code XS2265990452
Issue Price 99.038% Coupon Date 03-12
Issued ammount (€) 500 mln Maturity Date 03/12/2030
Annual Coupon 0,250% Interest Accrue Date 03/12/2020
Type Straight Yield to maturity 0.348%
Rating S&P's* BBB Listing Irish Stock Exchange, Luxembourg Stock Exchange
Rating Moody's* Baa2 Update time 03/12/2020

* Fonte dati HERA SPA

2020 EMTN programme

The base Prospectus of the Euro Medium Term Notes Programme (EMTN Programme), with Euro 3.5 billion as maximum plafond in principal amount of notes that may be simultaneously outstanding thereunder, has been approved by the Central Bank of Ireland pursuant to the Prospectus Regulation and is available also on the website of Euronext Dublin.

2020 issuance

The new bond issue will finance the Group's investments in the waste management, water and energy sectors, which will introduce innovative interventions that follow up on the attention towards sustainability that has always characterized the Group's activities.


GREEN BOND 2014-2024

In 2014, the Hera Group issues Italy’s first green bond, whose total sum amounted to 500 million, with the aim of financing sustainability investments, in order to contribute to a better environmental through its activities. This bond met with great success, with requests coming to over three times the amount involved.

Issuer Hera S.P.A.  ISIN code XS1084043451 
Issue Price 99.464%  Coupon Date 04-07 
Issued ammount (€) 500 mln  Maturity Date 04/07/2024 
Annual Coupon 2.375%  Interest Accrue Date 04/07/2014 
Type Straight  Yield to maturity 2.436% 
Rating S&P's* BBB  Listing Luxembourg Stock Exchange 
Rating Moody's* Baa1  Update time 27/06/2014


Main stages of the project 

2014 issuance

2014

2015

2016

2017

In 2017, the project financed with the Green Bond reached 500 million euro, covering the entire amount of the bond. At that time, the obligation to report on the initiatives ceased, in line with the terms set out by Green Bond Principles.

 

GREEN BOND 2019-2027

The Hera Group aims to continue in its role as a reference point for sustainable finance in Italy and in 2019, five years after issuing the country’s first “green” bond, is launching its second which will finance environmental sustainability projects in 3 areas: energy efficiency, circular economy and sustainable water resource management. Subscriptions have reached seven times the amount offered. The main stages of the project are:

Issuer Hera S.P.A.  ISIN code XS2020608548
Issue Price 98.407% Coupon Date 05-07
Issued ammount (€) 500 mln Maturity Date 05/07/2027
Annual Coupon 0.875%  Interest Accrue Date 05/07/2019
Type Straight Yield to maturity 1.084%
Rating S&P's* BBB Listing Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO
Rating Moody's* Baa2 Update time 04/07/2019

* Fonte dati HERA SPA

Main stages of the project 

2019 issuance

The second green bond issued by the Hera Group, on July 2019, amounts to 500 million euro overall. The funds are intended for financing or refinancing numerous projects, already implemented or included in the Business plan to 2022, that pursue one or more of the goals in the UN's 2030 Agenda

2019 

In order to guarantee that the funds are correctly and transparently allocated, Hera has introduced a reporting on the funds allocated and the environmental performance achieved by the measures financed by the 2019-2027 Green Bond. The report has been subjected to external verification by the independent auditors of the sustainability report. The Bond funds were fully allocated and reported at 31-12-2019, as a significant portion of the bond refinanced green projects from 2017 and 2018.

GREEN BOND 2022-2029

The Hera Group aims to continue in its role as a reference point for sustainable finance in Italy and in 2022 is launching its third Green Bond which will finance environmental sustainability projects in 3 areas: energy efficiency and infrastructures, circular economy and pollution prevention and control and integrated water cycle. The new Green Financing Framework is aligned with the EU Taxonomy, the Green Bond Principles and Green Loan Principles. Subscriptions have reached three/four times the amount offered.

Issuer Hera S.P.A.  ISIN code XS2485360981
Issue Price 99.122% Coupon Date 25-05
Issued ammount (€) 500 mln Maturity Date 25/05/2029
Annual Coupon 2.50% Interest Accrue Date 25/05/2022
Type Straight Yield to maturity 2.639%
Rating S&P's* BBB+ Listing Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO
Rating Moody's* Baa2 Update time 25/05/2022

 

Main stages of the project 

2022 issuance

The third green bond issued by the Hera Group, on May 2022, amounts to 500 million euro overall. The funds are intended for:

  1. integrated water cycle (aligned with SDGs No. 6, 13 and 14): waste water management projects, sewerage and water infrastructures furthering resilience and adaptation to climate change;
  2. circular economy and pollution prevention and control (meeting SDGs No. 11, 12 and 13): innovative projects in plastics manufacturing, biogas and biofuel production for the use in transportation, the waste collection systems, anaerobic digestion and the compost of organic waste, and vehicle fleets for environmental services;
  3. energy efficiency and infrastructures (consistently with SDGs No. 7, 11 and 13): from energy production through photovoltaic systems and geothermic, to district heating networks, from installing devices and equipments for energy performance regulation and control, to renewable energy technologies, from hydrogen introduction networks to power transmission and distribution networks.

2022

In order to guarantee that the funds are correctly and transparently allocated, Hera has introduced a reporting on the funds allocated and the environmental performance achieved by the measures financed by the 2022-2029 Green Bond. The report has been subjected to external verification by the independent auditors of the sustainability report. The Bond funds were fully allocated and reported at 31-12-2022.


Sustainability-linked Bond 2021-2034

On October 13, 2021 Hera Group has successfully placed a bond for qualified investors on the Eurobond market, with a nominal amount coming to 500 million euro and a 12 and a half years maturity. The bond has been issued as part of the Euro Medium Term Notes Programme (updated on October7, 2021increasing to 3.5 billion euro the maximum principal amount of notes that may be simultaneously outstanding).

Issuer Hera S.P.A. ISIN code XS2399933386
Issue Price 99.105% Coupon date 25-04
Issued ammount(€) 500 mln Maturity date 25/04/2034
Annual Coupon 1.00% Interest Accrue Date 25/10/2021
Type Straight Yield to maturity 1.077%
Rating S&P's* BBB+ Listing Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO
Rating Moody's* Baa2 Update time 25/10/2021

* Fonte dati HERA SPA
 

EMTN programme 2021

The base Prospectus of the Euro Medium Term Notes Programme (EMTN Programme), with Euro 3.5 billion as maximum plafond in principal amount of notes that may be simultaneously outstanding thereunder, has been approved by the Central Bank of Ireland pursuant to the Prospectus Regulation and is available also on the website of Euronext Dublin.


2021 - Issuance

The sustainability-linked bond is part of the Hera Group’s strategy aimed at reducing greenhouse gas emissions and increasing the amount of plastic recycled. The bond is linked to meeting the sustainability targets contained in the Sustainability-Linked Financing Framework, with respect to which intermediate Sustainability Performance Targets (SPTs) have also been defined, which will be reported annually for the purpose of transparency.

More specifically, the Hera Group aims to reduce greenhouse gas emissions by 37% within 2030 (compared to 2019), thanks to both the concrete actions taken within the Group and the involvement of suppliers and customers in electricity and gas sales. As regards the second target, the Group aims to increase its amount of recycled plastic by 150% by 2030 (compared to 2017), thanks to factors including an increased plant capacity and an extension of the scope of action to include the recovery of rigid plastics.


Sustainability-linked Bond 2023-2033

On April 13, 2023, Hera Group has successfully placed a bond for qualified investors on the Eurobond market, with a nominal amount coming to 600 million euro and a 10-year maturity. The bond has been issued as part of the Euro Medium Term Notes Programme (updated on April 12, 2023, increasing to 4.5 billion euro the maximum principal amount of notes that may be simultaneously outstanding).

Issuer Hera S.P.A. ISIN code

XS2613472963

Issue Price 99.521% Coupon date 20-04
Issued ammount(€) 600 mln Maturity date 20/04/2033
Annual Coupon 4.25% Interest Accrue Date 20/14/2023
Type Straight Yield to maturity 4.310%
Rating S&P's* BBB+ Listing Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO
Rating Moody's* Baa2 Update time 20/04/2023

* source data HERA SPA


EMTN programme 2023

The base Prospectus of the Euro Medium Term Notes Programme (EMTN Programme), with Euro 4.5 billion as maximum plafond in principal amount of notes that may be simultaneously outstanding thereunder, updated on April 12, 2023, has been approved by the Central Bank of Ireland pursuant to the Prospectus Regulation and is available also on the website of Euronext Dublin.


2023 – Issuance

The sustainability-linked bond is part of the Hera Group’s strategy aimed at reducing greenhouse gas emissions and increasing the amount of recycled plastic. In particular, Hera intends to reduce greenhouse gas emissions by 37% by 2030 (compared to 2019), thanks to concrete internal actions and to the involvement of suppliers and customers, in relation to the sale of electricity and gas. With respect to the second target, instead, the multiutility intends to increase the quantities of recycled plastic by 150% by 2030 (compared to 2017), thanks to factors including an increased plant capacity and an extension of the scope of action to include the recovery of rigid plastics. The bond is linked to meeting these sustainability targets and will be reported annually for the purpose of transparency.


SRI investors presence among Hera bondholders and their ESG commitment

Target to 2026: >50% ESG investors

Major bond holders

Public source: Bloomberg


Agency: Standard and Poor’s
Name
: Vittoria Ferraris
E mail: Vittoria.ferraris@standardandpoors.com
Name: Tuomas Ekholm
E mail: tuomas.ekholm@standardandpoors.com

Agency: Moody’s
Name
: Alessandro La Scalia
E mail: alessandro.lascalia@moodys.com

Bond emission 1 Q3 2023

The Group’s issuances summary

BONDS MATURITY (YEARS) MATURITY DATE ISSUE SIZE (€/MLN) OUTSTANDING (€/MLN) COUPON PAYMENT ANNUAL COUPON
Green Bond Luxembourg Stock Exchange
ExtraMOT PRO
10 04/07/2024 500.0 288.3 Fixed, annual 2.375%
Bond Not listed 15 05/08/2024 20.000 JPY 149.8 Fixed, half-yearly 2.93%
Bond Luxembourg Stock Exchange 12 22/05/2025 32.0 15.0 Fixed, annual 3,5%
Bond Luxembourg Stock Exchange 10 14/10/2026 400.0 325.4 Fixed, annual 0.875%
Bond Non quotato 15/20 14/05/2027-2032 102.5 102.5 Fixed, annual 5.25%
Green Bond Luxembourg Stock Exchange, Irish Stock Exchange, ExtraMOT PRO 8 05/07/2027 500.0 357.2 Fixed, annual 0.875%
Bond Luxembourg Stock Exchange 15 29/01/2028 700.0 599.0 Fixed, annual 5.20%

Green Bond

Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO

7

25/05/2029

500.0 500.0 Fixed, annual 2.50%

Bond

Irish Stock Exchange, Luxembourg Stock Exchange

10

03/12/2030

500.0 500.0 Fixed, annual 0.25%
Sustainability linked Bond

Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO

10 20/04/2033 600.0 600.0 Fixed, annual 4.25%
Sustainability linked Bond  Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO 12.5 25/04/2034 500.0 500.0 Fixed, annual 1.00%


Page updated 26 March 2024

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Hera SpA, Viale Carlo Berti Pichat 2/4, 40127 Bologna, Tel.051287111 www.gruppohera.it