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Bonds overview

All the information on the bonds issued by Iberdrola

Iberdrola's financial model is based on financing the Group primarily from the holding company, that is, through transactions that have the unconditional and irrevocable guarantee of Iberdrola, S.A. This does not preclude the existence of financing transactions that are also carried out from other subholding companies, as is the case of Avangrid and its subsidiaries or Neoenergia and its subsidiaries, in response to regulatory requirements or country risk management reasons.

Iberdrola maintains the commitment to keep the percentage of structural subordination in order to grant its creditors direct access to the cash flows of debt-free subsidiaries wholly owned by the Group, to give high visibility to centralized cash flows (regulated and long-term contracted) and to maintain an essentially centralized treasury, with a very strong liquidity at the holding company level, which allows the extraction of maximum synergies and efficiencies.

Iberdrola covers its financial needs through different instruments and markets, making diversification one of its strengths, which allows it to deepen a solid financial strategy, fundamentally supported by sustainable investors and formats, ensuring longevity over time. Among the various instruments and markets, loans with banks, other loans granted by multilateral organizations (such as development banks or export credit agencies) and, mainly, fixed-income bonds issued in the capital markets are noteworthy. The latter represent more than 60% of the Group's debt.

A more detailed account of the latter* is given below.

* Instruments issued from the Corporation (with the guarantee of Iberdrola, S.A.).

 

 

Bonds issued under the EMTN Programme

Iberdrola carries out most of its capital market operations under a debt issuance programme, the Euro Medium Term Notes (EMTN) Programme. Since its registration in 1998, the EMTN Programme has become the Group’s main financing instrument to this day.

The EMTN Programme currently allows for a maximum outstanding balance of €40 billion. Since its 2022 update, the EMTN Programme also permits the issuance of subordinated debt (hybrid bonds).

Senior bonds issued under the EMTN Programme

Hybrid bonds issued under the EMTN Programme

Bonds issued outside the programme

The following bonds have been issued outside the EMTN Programme, under specific stand-alone documentation, being instruments of a special nature (hybrid bonds, or referenced to the share price...), not contemplated at issue date under the EMTN Programme's Terms and Conditions.

Hybrid bonds

Other bonds

 

(1) Nota Obligations issued by Scottish Power and assumed by Iberdrola International B.V. on 10/24/2007.

(2) Nota Obligations issued by Energy East Corporation and assumed by Iberdrola International B.V. on  04/08/2009.