|
Issuer / Guarantor
|
Snam SpA
|
|
Size
|
EUR 500mn
|
|
Type
|
Exchangeable into Italgas
|
|
Leads
|
BNP Paribas, Goldman Sachs, JP Morgan, BoA, Intesa Sanpaolo, Unicredit
|
|
|
|
|
Maturity
|
14 Jan 2031 (5 years)
|
|
Coupon
|
1.75% (1.5 - 2%)
|
|
Premium
|
25% (22.5 - 27.5%)
|
|
Calls
|
@ 100% from Feb 2029 (3.1 yrs); 130% trigger
|
|
Puts
|
t/o @ 100%
|
|
Div protection
|
Ratio adjustment (for excess above threshold)
|
|
T/o protection
|
K-squared formula
|
|
CoCo
|
None
|
|
Announced
|
07 Jan 2026
|
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