Snam’s likely success shows how far we have come
Bankers looking to sell exposure to peripheral European borrowers have long highlighted those companies’ international activity and revenue streams. Italy’s Snam presents a new challenge, since it is entirely domestic. The good news is that this doesn’t seem to matter.
When is an Italian corporate not really an Italian corporate? It’s a question that many bankers have been struggling to work around over the last few years. When it has seemed that Italian (or Spanish, or Portuguese, or Irish) risk has just been too great for investors to
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