After the excellent result of the two mid-July issues, Snam Rete Gas placed two new bonds this morning (5,5 and 10 year) reserved for institutional investors. The amount of the tranche maturing in March 2018 is 1,5 billion euros, while that of the ten-year bond is one billion. The response to the placement of investors would have been very convinced: in fact, funding would be around 12 billion euro.
The bookrunners of the transaction are Bank of America Merrill Lynch, Citi, HSBC, Mediobanca, SG CIB, UBS while the passive bookrunners are Banca IMI, Bnpp, JP Morgan, Morgan Stanley and UniCredit. The final pricing is not yet known, but the rumors they talk about a premium of 285-290 basis points on midswap (against the 300 initially envisaged) for 5 and a half year bonds, and un bonus of 250-355 basis points, compared to the 370 indicated initially, for the ten-year placement.
Meanwhile, in the early afternoon, the Snam share lost 0,97% to 3,456 euros per share.
