ENI plays exchangeable-only card in Snam sell-down

Italian energy firm ENI has to divest a 17.5% stake in gas network Snam in 2013 but where the market felt that a block trade or perhaps a concurrent offering might be on the cards, it instead launched a standalone exchangeable bond. The tactic — different to the one pursued in selling a stake in Galp Energia in November — helped it take advantage of rich convertible valuations while removing a large element of the Snam overhang.