Snam plays it again with 10 year but has to settle for 2bp NIC
Italian gas utility Snam repeated the new issue-and-tender strategy it used in 2016 as it printed its third ever 10 year bond on Tuesday. The company was not able to replicate the zero new issue premium it achieved 12 months ago, but did still price at a very tight spread.
The €1.25bn deal in 2016 was printed alongside a €2bn tender offer, like the new deal. The size of the latest buy-back is yet to be quantified, but is expected to be similar to the size of the new issue.
Lead managers Barclays
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