Snam returns to the bond market today with a new bond in two tranches: one with four years (maturity on June 30, 2017) and one with eight years (June 29, 2021). The initial "price guidance" indicates a premium of 175 and 220 area basis points respectively on the midswap rate. A benchmark amount is foreseen for both tranches and settlement is set for 10 April.
Operators expect a total amount of at least two billion. “The markets have relaxed again after the agreement between Cyprus and international lenders – a source close to the operation told Reuters – and therefore investors have regained their appetite for slightly riskier assets. Snam, which has become a frequent issuer, has always met with very good demand, so we expect that even today we will see good numbers".
The company has entrusted the placement to a pool of institutions: Banca Imi, Bnp Paribas, Citigroup, Jp Morgan, Morgan Stanley, UniCredit, Barclays Capital, Bank of America Merrill Lynch, HSBC, Mediobanca, Mizuho, Musi, Société Générale Cib, Sumitomo and Ubs.
At the end of the morning, Snam shares lost 0,11% to Piazza Affari.
