Snam finds transition bond market’s pulse again

Pasini, Alessandra (Snam) from co for use 575x375
By Mike Turner
30 Nov 2020

Snam, the Italian gas network company, has reinvigorated the transition bond market, servicing investors unable to buy sustainability-linked bonds.

The borrower, rated Baa2/BBB+/BBB+, opened books on its December 2028 with an expected size of €500m at 70bp over mid-swaps. This was around 30bp back of Snam’s existing curve. 

Transition bonds, which offer carbon intensive issuers an entry point to the environmental, social and governance (ESG) capital markets, have ...

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