we receive e we publish the following press release issued by Snam.
Borsa Italiana today welcomes on the MOT Professional segment to the bond issue Sustainability-Linked dual tranche from 600 million pounds to 12 years and 750 million euros to 7 years Snam. These bonds represent the first instruments issued by a large Italian corporate to be listed on the regulated segment of the Italian Stock Exchange.
Snam has so far listed ten financial instruments on the non-regulated ExtraMOT/Access segment of Borsa Italiana. This move to MOT Professional marks a strategic evolution, demonstrating the fruitful collaborative relationship between Snam and Borsa Italiana and, more generally, the greater attractiveness and efficiency of the national financial market
"The listing of the two Sustainability-linked bonds of Snam on the professional segment of the MOT market makes us proud because it represents the first instrument issued by a large Italian corporate on this market of the Italian Stock Exchange.", commented Maurizio Pastore, Group Head of Debt and Funds Listing of the Euronext Group. "Snam's choice confirms MOT as the first bond market for liquidity in Europe, a segment that offers simplified and rapid access to retail and institutional investors. Within the Euronext Group, MOT has evolved from a domestic market to a European hub, thanks to the efforts made by Borsa Italiana together with Italian financial operators. We congratulate Snam for listing these two important ESG issues in Italy, achieving two objectives at the same time, corporate financing and support for sustainable finance.".
“The listing of our dual tranche issue on the MOT segment of the Italian Stock Exchange is a very significant step, for us and for Borsa Italiana, and is aimed at maximising the circulation of bond instruments among investors on the secondary market”, said Snam CFO Luca Passa. “We are extremely satisfied with both this listing, which marks the debut of a large corporate in this segment, and with the success of the dual-tranche Sustainability-linked offering, including the debut tranche in sterling, which highlights the solidity of our sustainable finance strategy and the growing market confidence in Snam”.
The total amount of the issue – which took place last week – was approximately 1,5 billion euros equivalent. The offering raised €750 million over 7 years and £600 million over 12 years, respectively, with the latter tranche marking Snam’s debut on the UK market. Both tranches are linked to the Group’s ambitious CO2 emissions reduction targets, as set out in the Company’s recently announced Transition Plan.
The two tranches are aligned to the climate goals of Snam, which foresee a 25% reduction in Scope 1 and 2 emissions by 2027 and 50% by 2032. For Scope 3 emissions, Snam has committed to a 30% reduction by 2030 and 35% by 2032.
