Successful Enel-Codensa local bond issuance totaling COP $480.000 million

Published on Thursday, 7 March 2019

  • Enel-Codensa received requests for COP $1,219,230 million, equal to 2,7 the amount offered.
  • The Bonds placed are part of Enel-Codensa's Program of Issuance and Placement of Ordinary Bonds and Commercial Papers, which has a local AAA rating issued by Fitch Ratings.
  • The proceeds will be used to finance the Company's investment plan and to refinance the Company's debt.




Enel-Codensa, under its Program of Issuance and Placement of Ordinary Bonds and Commercial Papers approved by the Financial Superintendence, was able to complete a successful bond placement in the Colombian capital market totaling COP $480.000 million, with a term of 4 and 10 years. 

This is the first bond issuance we completed this year and we are very satisfied with the outcome. The proceeds will be used to give continuity to Enel-Codensa's investment plan, which focuses on modernizing and expanding our network in order to improve our customer service and also help refinance the Company's debt. Furthermore, thanks to the great operational and financial condition enjoyed by the Company right now, we see how this results in the trust the market shows Enel-Codensa”, stated Lucio Rubio, Country Manager of Enel in Colombia.

The COP 480,000 million issuance, which constitutes the Ninth Segment of Enel-Codensa's Program of Issuance and Placement of Ordinary Bonds, had a total demand of 2,7 times the value offered, reaching COP $1,219,230 million, and was awarded in a series of 4 and 10 years with a fixed rate of 6.30% and CPI + 3.56%.

The operation was carried out through the Electronic System of Bolsa de Valores de Colombia S.A. with the Dutch Auction mechanism. Placement agents were Corredores Asociados S.A. Comisionista de Bolsa (Lead Agent), Valores Bancolombia S.A. Comisionista de Bolsa, Credicorp Capital S.A. and BTG Pactual S.A. Comisionista de Bolsa.

The bonds have a AAA credit rating with a stable outlook, in line with the Company's long and short term national rating, ratified on July 17, 2018 by Fitch Ratings S.C.V. In its report, the ratings agency underscored that Enel-Codensa's rating reflects “the Company's low business risk profile which is derived from the regulated characteristic of its revenue and limited exposure to demand risk. It also includes the Company's solid credit profile, which results from robust operating indicators, stable operating cashflow generation, and conservative levels of leverage and liquidity”.


Enel-Codensa and Enel-Emgesa are part of the Enel Group, a multinational energy company and one of the main global integrated operators in the electricity, gas and renewable energy sector. The Group is operating in 35 countries, generating energy through a managed capacity of approximately 89 GW. Enel distributes electricity and gas through a network of more than 2.2 million kilometers, and with nearly 73 million residential and corporate customers around the world.

Enel-Codensa is a leading electricity distribution and sales company on the market, with more than 3,438,000 customers in Bogotá, Cundinamarca, 8 municipalities in Boyacá, 1 in Tolima, 1 in Caldas and 1 in Meta. It has an installed capacity of 21,959 MVA (megavolt amperes) along 72,510 kilometers of high, medium and low voltage networks. The Company generates around 15,500 jobs both directly and indirectly in Colombia. The electric energy sale and distribution service provider is still Codensa S.A. ESP, an entity overseen by the Superintendence of Residential Public Services.