Eni had said the bond issue, maturing in 2017, could be extended to 2 billion euros ($2.7 billion), depending on demand. The offer closes on Oct. 4.

“It’s going well, we are over 1 billion at the moment,” Bernini said.

“There is space to go beyond 1.2 billion, hopefully we’ll reach 1.3 billion.”

Sources close to the placement had said that, halfway through the offer period, demand appeared to be lukewarm, also because the yields the bond will pay were seen too low compared with Italy’s BTP government bonds.

“We are satisfied,” Bernini said, adding this was a good result in the light of market conditions, particularly since the Standard & Poor’s agency’s downgrade of Italy’s sovereign ratings on Sept. 20.

He said the state-controlled energy group would not tap the bond market again this year because it had no significant maturities coming due. 

Bernini also said 80 percent of investors had gone for the fixed-rate tranche of the bond, which will offer a spread of between 180 and 280 basis points over the six-year midswap rate.

The floating-rate tranche offers the same spread range over the six-month Euribor rate.

In 2009, amid the global economic crisis, Eni sold 2 billion euros of bonds to domestic retail investors and closed the placement in just five days, ahead of schedule.