Snam launches €750M transition bond offering

Snam SpA on Feb. 8 launched a €750 million dual-tranche transition bond offering to fund eligible projects including renewable energy and carbon and emission reduction projects.

The offering consists of its €500 million of 0% bonds due Aug. 15, 2025, and €250 million of its 0.75% bonds due June 17, 2030.

The Italian energy infrastructure company sees transition bonds as crucial in pursuing its sustainable finance strategy increase from the current 40% to over 60% of the available funding by 2024. Snam aims to achieve carbon neutrality by 2040.

Bookrunners of the placement are Banca IMI, BBVA, Barclays, BofA Merrill Lynch, Citi, Goldman Sachs, JP Morgan, Mediobanca – Banca di Credito Finanziario SpA, Mizuho, Morgan Stanley and Société Générale.