Good results and great caution for Snam, which today launches its first bond on the market. The bonds have a four-year maturity and the banks working on the operation (UniCredit, Banca Imi, Jp Morgan and Bnp Paribas) received orders for 3,8 billion euros. According to sources cited by the Reuters agency, however, the company would have chosen to place a much more limited figure, even one billion euros. As for the yield, it was revised to 340 basis points, after an initial hypothesis in the 350 area above the midswap rate.
At the beginning of the afternoon, Snam shares rose by 0,64% in Piazza Affari.
Sources consulted by Ifr - the Thomson Reuters online service - say that Snam is also thinking of placing a second bond of 500 million, maturing in January 2019. Even this second loan - the same sources say - could already be issued today, with a yield just above 5%.
In recent days Snam has obtained the first rating from Standard and Poor's and from Moody'srespectively Baa1 with stable outlook and A- with negative outlook. After the recent spin-off from Eni, the company has also signed an 11 billion euro loan mandate with a group of eleven national and international banks.
