Italgas S.p.A. has completed the placement of a fixed-rate bond issuance maturing on April 16, 2032 for a nominal value of EUR750m. A&O Shearman advised the syndicate of financial institutions—comprising BNP Paribas, BofA Securities, Crédit Agricole CIB, IMI-Intesa Sanpaolo, J.P. Morgan, Mediobanca, and Société Générale—acting as joint bookrunners.
The transaction is the first to be carried out under the EMTN program approved by CONSOB in July 2025 and represents the first dematerialized bond issuance by an Italian corporate issuer of notes governed by English law, with concurrent listing on the Mercato Telematico delle Obbligazioni (MOT) operated by Borsa Italiana S.p.A.
The issuance attracted orders in excess of 2.5 times the offer size and was characterized by high investor quality and broad geographic diversification.
The six-year bond pays an annual coupon of 3.625% and was priced at a spread of 78 basis points over the reference rate, in line with fair value.
The A&O Shearman team on the transaction was led by partner Cristiano Tommasi, supported by counsel Sarah Capella, senior associate Elisabetta Rapisarda, and associate Paolo Martellone.
"Structuring a transaction that combines innovative legal and technical features with market expectations is the kind of challenge that the debt capital markets space increasingly demands."
Cristiano Tommasi
Partner
Cristiano Tommasi, partner, commented: "Italgas' bond issuance marks a significant step for the Italian capital markets, introducing for the first time a dematerialized format in a corporate bond issue governed by English law and listed on the MOT. Structuring a transaction that combines innovative legal and technical features with market expectations is the kind of challenge that the debt capital markets space increasingly demands."