Bonds overview

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 ESG investors and formats and therefore sustainable over time ("ESG + F"). 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 conducts the vast majority of its operations in the capital markets under a debt issuance program, the EMTN Programme (Euro Medium Term Notes Programme). Since its set up in 1998, more than 38 billion euros of senior notes have been issued under the EMTN Programme, making it the Group's main financing instrument to date.

The EMTN Programme currently allows a maximum outstanding amount of EUR 30 billion. Since its update in June 2022, the EMTN Programme also allows the possibility of issuing subordinated bonds (hybrids).

Senior bonds issued under the EMTN Programme

ISIN Code Outstanding Amount Issue Coupon Maturity Terms
XS1116408235 500,000,000 EUR 08/10/2014 1.875% 08/10/2024 Download [PDF] External link, opens in new window.
XS1575444622 1,000,000,000 EUR 07/03/2017 1.000% 07/03/2025 Download [PDF] External link, opens in new window.
XS1837198156 30,000,000 EUR 13/06/2018 1.128% 13/06/2025 Download [PDF] External link, opens in new window.
XS2153405118 750,000,000 EUR 14/04/2020 0.875% 16/06/2025 Download [PDF] External link, opens in new window.
XS1490726590 700,000,000 EUR 15/09/2016 0.375% 15/09/2025 Download [PDF] External link, opens in new window.
XS1924319301 50,000,000 USD 21/12/2018 3.724% 08/12/2025 Download [PDF] External link, opens in new window.
XS1398476793 1,000,000,000 EUR 21/04/2016 1.125% 21/04/2026 Download [PDF] External link, opens in new window.
XS1433521884 200,000,000 EUR 16/06/2016 Euribor 3 month + 0.35% 16/06/2026 Download [PDF] External link, opens in new window.
XS1847692636 750,000,000 EUR 28/06/2018 1.25% 28/10/2026 Download [PDF] External link, opens in new window.
XS1615677108 1,000,000,000 NOK 18/05/2017 2.70% 18/05/2027 Download [PDF] External link, opens in new window.
XS1682538183 750,000,000 EUR 13/09/2017 1.25% 13/09/2027 Download [PDF] External link, opens in new window.
XS1815308470 800,000,000 NOK 03/05/2018 3.01% 03/05/2028 Download [PDF] External link, opens in new window.
XS2558916693 750,000,000 EUR 22/11/2022 3.125% 22/11/2028 Download [PDF]
XS1568849282 100,000,000 EUR 20/02/2017 1.667% 10/02/2029 Download I [PDF] External link, opens in new window. Download II [PDF] External link, opens in new window.
XS1726152108 735,000,000 EUR 29/11/2017 1.621% 29/11/2029 Download I [PDF] External link, opens in new window. Download II [PDF] External link, opens in new window. Download III [PDF] External link, opens in new window. Download IV [PDF] External link, opens in new window.
XS1610777556 110,000,000 EUR 10/05/2017 1.782% 30/10/2030 Download I [PDF] External link, opens in new window. Download II [PDF] External link, opens in new window.
XS2455983861 1,000,000,000 EUR 11/03/2022 1.375% 11/03/2032 Download I [PDF] External link, opens in new window.
XS2558966953 750,000,000 EUR 22/11/2022 3.375% 22/11/2032 Download [PDF]
XS2648498371 850.000.000 EUR 13/07/2023 3,625% 13/07/2033 Download I [PDF]
XS2439701488 100,000.000 EUR 02/02/2022 1.000% 02/02/2037 Download I [PDF] Enlace externo, se abre en ventana nueva.
 

 

Hybrid bonds issued under the EMTN Programme

ISIN Code Outstanding Amount Issue Coupon Maturity Terms
XS2580221658 1,000,000,000 EUR

25/01/2023

4.875%

Perpetual

Download [PDF] Enlace externo, se abre en ventana nueva.
XS2748213290 700.000.000 EUR

16/01/2024

4,871%

Perpetual

Download [PDF] Enlace externo, se abre en ventana nueva.

 

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

Issuer ISIN Code Outstanding Amount Issue / Maturity Stock Exchange Prospectus
IBERDROLA FINANZAS, S.A.U. XS2405855375 750,000,000 EUR 16/11/2021 / Perpetual Luxembourg Offering Circular [PDF]
IBERDROLA INTERNATIONAL B.V. XS2295335413 1,000,000,000 EUR 09/02/2021 / Perpetual Luxembourg Offering Circular [PDF] External link, opens in new window.
IBERDROLA INTERNATIONAL B.V. XS2295333988 1,000,000,000 EUR 09/02/2021 / Perpetual Luxembourg Offering Circular [PDF] External link, opens in new window.
IBERDROLA INTERNATIONAL B.V. XS2244941063 1,600,000,000 EUR 28/10/2020 / Perpetual Luxembourg Offering Circular [PDF] External link, opens in new window.
IBERDROLA INTERNATIONAL B.V. XS2244941147 1,400,000,000 EUR 28/10/2020 / Perpetual Luxembourg Offering Circular [PDF] External link, opens in new window.
IBERDROLA INTERNATIONAL B.V. XS1890845875 800,000,000 EUR 12/02/2019 / Perpetual Luxembourg Offering Circular [PDF] External link, opens in new window.

Other bonds

Issuer Identification code Outstanding amount Issue / Maturity Stock exchange Coupon Relevant information
IBERDROLA FINANZAS, S.A.U. XS2557565830 450.000.000 EUR 07/12/2022 / 07/12/2027 Frankfurt (Freiverkehr) 0.80 %

Terms & Conditions [PDF] 

Notice to Bondholders 17 May 2024 [PDF]

IBERDROLA INTERNATIONAL B.V.(1) US81013TAC53 350,000,000 USD 2025 - 5.810 % Significant events (10/30/2007) Spanish version [PDF]
IBERDROLA INTERNATIONAL B.V.(2) 29266MAE9 200,000,000 USD 2033 - 6.750 % Significants events (08/04/2009) [PDF]
IBERDROLA INTERNATIONAL B.V.(2) 29266MAF6 500,000,000 USD 2036 - 6.750 % Significants events (08/04/2009) [PDF]

 

 

 

(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.