Hogan Lovells advises Snam on €1.5 billion dual-tranche bond issuance

Press releases | 24 June 2026

Global law firm Hogan Lovells has advised Snam on a dual-tranche bond issuance for a total amount of €1.5 billion. The transaction was structured into a 4-year European Green Bond tranche of €750 million and a 10-year Sustainability-Linked Bond tranche of €750 million.

The bonds were issued under Snam’s €15 billion EMTN Programme and listed on Borsa Italiana. The first tranche, a European Green Bond, is intended to finance projects fully aligned with the EU Taxonomy, while the second tranche, a Sustainability-Linked Bond, is linked to the achievement of specific GHG emissions-reduction targets, providing for a 50% reduction in Scope 1 and 2 emissions by 2032 and a 35% reduction in Scope 3 emissions by the same timeframe, in line with the Company’s decarbonization pathway.

The issuance attracted strong investor demand, approximately beyond three times the offer at peak.

The Hogan Lovells team that advised on the transaction was led by partners Patrizio Messina and Alessandro Accrocca and included associates Edoardo Minnetti and Noemi Biagini, and trainee Riccardo Del Torto.