The state-ownedItalian shipbuilder has successfully raised EUR 300m ($402m) from the European debtmarket in a move which some see as a precursor to a flotation on a stockexchange next year.

Fincantieri hasplaced a Eurobond with a five year maturity and a  3.75% coupon followinga road-show in Milan, London and Paris.  The issue was seven times oversubscribed.Most of the bonds have been snapped up by

institutionalinvestors in Italy (36%) and the United Kingdom (18%), with the remainder fromcorporate investors in other European countries.