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A&O Shearman advises on Italgas’ Euro Medium-Term Notes program approved by CONSOB

A&O Shearman advises on Italgas’ Euro Medium-Term Notes program approved by CONSOB
Published Date
Jul 10 2025
We advised the financial institutions acting as dealers in the establishment of Italgas’ Euro Medium-Term Notes Program (EMTN Program) for a maximum nominal amount of EUR5 billion, approved by Commissione Nazionale per le Società e la Borsa (CONSOB) and valid for 12 months from the date of approval.

Under this program, the company may issue one or more non-convertible bonds, to be placed exclusively with institutional investors.

The new Italgas EMTN Program is particularly innovative as it allows the issuance of notes governed by English law in dematerialized form through Euronext Securities, with listing on the Mercato Telematico delle Obbligazioni (MOT), managed by Borsa Italiana S.p.A.

Our team advising the dealers—Banca Akros, Barclays, BNP Paribas, BofA Securities, Citigroup, Crédit Agricole CIB, Goldman Sachs, IMI - Intesa Sanpaolo, J.P. Morgan, Mediobanca, Morgan Stanley, Société Générale, and UniCredit—was led by partner Cristiano Tommasi, assisted by counsel Sarah Capella, senior associate Elisabetta Rapisarda, and trainee Lisa Avitabile. Counsel Elia Ferdinando Clarizia provided assistance on tax-related aspects.

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