Big bid for Snam as investors ignore war fears

Snam pipes for new website
By Jon Hay
16 Apr 2014

Snam, the Italian gas transport network, found very strong demand on Wednesday for a €500m bond issue, as investors ignored the threat of war between Russia and Ukraine and piled into West European corporate credit.

The Baa1/BBB+ rated company was spun out of Eni, Italy’s national oil and gas champion, in 2012, when it began issuing debt in its own name.

Having issued €6bn of bonds in 2012 and €2.55bn in 2013, Snam has been taking it easier this year. It sold a ...

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