Bonds overview 4a213d

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 ed 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 of the latter* is given below.

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

Bonds issued under the EMTN Programme lx26

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 5c1c5z

Hybrid bonds issued under the EMTN Programme 69o5l

Bonds issued outside the programme 3b6l3z

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 and Conditions.

Hybrid bonds 6t21f

Other bonds 3ql6s

⁽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.