JPM JP Morgan Chase and Co

   By Ben Edwards 
 

Italian natural gas grid operator Snam SpA (SRG.MI) is planning a benchmark-size, euro-denominated, four-year bond, one of the banks running the deal said Wednesday.

Initial price thoughts are in the area of 350 basis points over midswaps.

Banca IMI, BNP Paribas SA, JPMorgan Chase & Co. and UniCredit SpA are the lead managers of the sale.

The issuer is rated Baa1 by Moody's Investors Service Inc. and A- by Standard & Poor's Corp.

Snam met with investors across Europe at the end of June.

Write to Ben Edwards at ben.edwards@dowjones.com