Snam issuance hits €6bn as €1.5bn halves July spread

09 Nov 2012

The idea that European corporate bond investors might be turning their thoughts to Christmas was thoroughly debunked on Tuesday as two very different borrowers, Snam and SAP, amassed a total of €14bn of demand for their combined €2.8bn of bond issues.

Far from closing their books to lock in 2012’s profits and avoid taking on new risk, the vast majority of the continent’s investors are avid to buy new deals.

"If you look at these books, there’s nothing closed at all," said a syndicate banker at one of Snam’s lead ...

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