LONDON - J.P. Morgan SE announced on Wednesday that no stabilisation measures were executed in connection with Enel (BIT:ENEI) SpA's recent securities offering. The offering involved two tranches of subordinated notes, with an aggregate nominal amount of EUR 1 billion for each tranche, listed on Euronext (EPA:ENX) Dublin.
The securities in question were EUR Perpetual-Non-Call-5.25-year Fixed Rate Subordinated Notes and EUR Perpetual-Non-Call-8-year Fixed Rate Subordinated Notes. Despite the availability of stabilisation tactics, which are actions taken by underwriters to support the price of a security after its initial offering, the stabilisation manager, J.P. Morgan SE, along with other managers involved, did not find it necessary to undertake such measures during the post-stabilisation period.
The offer price was set at 99.442% for the 5.25-year notes and 99.180% for the 8-year notes. The team of stabilisation managers included prominent financial institutions such as BNP Paribas (OTC:BNPQY), BofA Securities, Citi, Deutsche Bank (ETR:DBKGn), Goldman Sachs International, HSBC, IMI-Intesa Sanpaolo, MUFG, Societe Generale (OTC:SCGLY), SMBC, and UniCredit.
Stabilisation activities are regulated under Article 3.2(d) of the Market Abuse Regulation (EU/596/2014), as well as the rules of the Financial Conduct Authority. These actions are typically intended to prevent or reduce short-term volatility in the trading price of securities after an offering, ensuring a smoother market entry. However, the lack of such activities in this case may suggest that the market received Enel SpA's offering positively, providing enough support for the securities without the need for additional intervention.
This information is based on a press release statement and is intended for informational purposes only, not as an invitation or offer to engage in securities transactions. The announcement does not carry implications for future market actions or the overall performance of Enel SpA's securities.
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