Orrick Advises Snam on First Transition Bond


We assisted Snam S.p.A., supported by the joint bookrunner financial institutions − including Banca IMI, BBVA, BNP Paribas, BofA Securities, Goldman Sachs, JP Morgan, MUFG, Société Générale and UniCredit − in issuing the first €500 million transition bond. The securities will be listed on the regulated market of the Luxembourg Stock Exchange.

This is the first issue of this type by Snam. Proceeds will be used to finance projects in the energy transition, as defined in the recently published Transition Bond Framework.

The Orrick team was led by Patrizio Messina and included Alessandro Accrocca, Beatrice Maffeis, Serena Mussoni and Cosimo Spagnolo.