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 30 September 2024, the Group had committed credit lines of 1,005 million euro with maturity in 2027-2028. The credit lines are distributed among leading Italian and international banks and allow for adequate diversification of counterparty risk and competitive conditions.
It should be noted that in July and August, 438 million euro of maturing bonds were repaid while in September the disbursement of the 460-million-euro BEI credit line agreed upon in July 2023 was requested.
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 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
- Final results of the tender offer relating to certain notes (118 Kb - PDF)
- Hera: placement of new bonds under the EMTN programme for Euro 400 million (85 Kb - PDF)
- The Board of Directors of Hera S.p.A. has authorised the issuance of new notes aimed at the early partial refinancing of certain outstanding notes (224 Kb - PDF)
- BoD resolution (184 Kb - PDF)
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.
- HERA EMTN Base Prospectus - 2020 Update
- By-laws of the Hera Group
- Press release: financial results as at 30 September 2020 approved
- Consolidated quarterly report as at 30 September 2020
- Consolidated half-year financial report as at 30 June 2020
- Consolidated financial statements as at 31 December 2019
- Consolidated financial statements as at 31 December 2018
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.
- Act of execution relating to the bond issue (1098 KB)
- Final terms executionE (309 KB)
- Roadshow bond presentation (3747 KB)
- New bond issue press release
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
- Green bond projects (426 KB)
- DNV Opinion letter (290 KB)
2014
- The Green bond (105 KB)
- Detail of investments financed with the Green bond (45 KB)
2015
- The Green bond (57 KB)
- Detail of investments financed with the Green bond (42 KB)
2016
- Annual assesment report (234 KB)
- The Green bond (56 KB)
- Detail of investments financed with the Green bond (47 KB)
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.
- Press release (416 KB)
- Green bond projects (978 KB)
- The Green bond (177 KB)
- Detail of investments financed with the Green bond (53 KB)
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
- Act of execution (in italian) (4000 KB)
- Final terms execution (1562 KB)
- Roadshow Green bond presentation (3917 KB)
- Green bond press release
- The Green financing framework and opinion
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 2019 (1331 KB)
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:
- 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;
- 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;
- 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.
- Deed of execution relating to the bond issue
- Supplement dated 17 May 2022 to the Base Prospectus dated 7 October 2021
- Final terms execution
- Roadshow Green bond presentation
- Green bond press release
- The Green financing framework and opinion
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.
GREEN BOND 2025-2031
The Hera Group aims to continue in its role as a reference point for sustainable finance in Italy and in 2025 is launching its fourth 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 5,5 times the amount offered.
| Issuer | Hera S.P.A. | ISIN code | XS2967738597 |
|---|---|---|---|
| Issue Price | 99.175% | Coupon Date | 15-07 |
| Issued ammount (€) | 500 mln | Maturity Date | 15/07/2031 |
| Annual Coupon | 3.25% | Interest Accrue Date | 15/01/2025 |
| Type | Straight | Yield to maturity | 3.396% |
| Rating S&P's* | BBB+ | Listing | Irish Stock Exchange, Luxembourg Stock Exchange, ExtraMOT PRO |
| Rating Moody's* | Baa2 | Update time | 15/01/2025 |
Main stages of the project
2025 issuance
The fourth green bond issued by the Hera Group, on January 2025, amounts to 500 million euro overall. The funds are intended for:
- 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;
- 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;
- 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.
- Deed of execution relating to the bond issue
- HERA EMTN Base Prospectus - 2024 Update
- Final terms execution
- Roadshow Green bond presentation
- Green bond press release
- The Green financing framework and opinion
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.
- HERA EMTN Base Prospectus - 2021 Update
- Consolidated financial statements as at 31 December 2020
- Consolidated financial statements as at 31 December 2019
- Consolidated half-year financial report as at 30 June 2021
- By-laws of the Hera Group
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.
- Deed of execution relating to the bond issue
- Applicable final terms
- Sustainability-linked Bond roadshow presentation
- Press release: launch of the new Sustainability-linked Bond
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.
- HERA EMTN Base Prospectus - 2023 Update
- Consolidated financial statements as at 31 December 2022
- Consolidated financial statements as at 31 December 2021
- By-laws of the Hera Group
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 2027: >60% 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