Snam plays it again with 10 year but has to settle for 2bp NIC

Snam pipes for new website
By Nigel Owen
10 Oct 2017

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, ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.