I thought Ivo might be interested, which is why I also posted it in the general Glass section – I'm not 100% sure it is Murano.
None of the general glass books I have contain anything, and I don't have any specific Murano collecting books, apart from one small one detailing the history of the island.
If not corroso, then could it be another effect? Pulegoso? However, I thought this was always an internal 'froth' and not an external finish. Doesn't quite look regular enough to be frosted though.
It's also quite a heavy and tall item: 10" to the top of the stopper and about 1kg.
I don't think the second word is 'Murano', but not a bad guess. Really need Paul, Javier (where is he?), Laura, et al to comment, I suppose.