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.

  • By Nigel Owen
  • 10 Oct 2017

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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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,938.31 718 7.17%
2 Bank of America Merrill Lynch 147,126.56 669 6.40%
3 Citi 129,749.67 692 5.64%
4 Goldman Sachs 105,301.08 448 4.58%
5 Barclays 99,621.62 449 4.33%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,154.37 137 8.85%
2 Barclays 24,473.15 99 7.43%
3 Deutsche Bank 22,163.65 93 6.73%
4 SG Corporate & Investment Banking 20,050.48 104 6.09%
5 HSBC 19,151.76 90 5.81%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,123.00 59 7.43%
2 Goldman Sachs 6,789.41 55 7.08%
3 Deutsche Bank 5,954.72 59 6.21%
4 Credit Suisse 5,809.63 61 6.06%
5 BNP Paribas 5,208.30 57 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.75%
2 Citi 26,963.27 215 8.58%
3 Bank of America Merrill Lynch 25,506.35 227 8.11%
4 Goldman Sachs 23,587.99 168 7.50%
5 Barclays 20,408.08 140 6.49%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,974.23 134 6.39%
2 Deutsche Bank 26,448.76 95 6.27%
3 Barclays 26,394.12 121 6.26%
4 HSBC 25,650.40 123 6.08%
5 Citi 22,829.99 98 5.41%