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Legal framework

Legal framework

Decreto Sviluppo and the following Decreto Destinazione legislative decrees have introduced in Italy a new regulatory and tax framework for the benefit of Italian SMEs in terms of debt raising for development.
SMEs with sustainable growth and development projects can access to medium-long term bonds complementary to bank credit, exploiting regulatory and tax benefits of listed companies and diversifying their sources of financing.
Bond issuances are linked to a project of sustainable growth. In this respect, the company has to provide potential investors with an industrial and financial plan of the initiative, in order to demonstrate its capacity of repayment during the bond life.
A financial Sponsor (a bank, Sim, etc.) assists the company towards the phases of bond issuing and placement, often committing to hold a marginal share of the issued bond in its portfolio.
The information package of the issuing project to submit to investors should include:

  • the company’s history
  • the company’s market positioning
  • quality and experience of the management
  • the historical and expected financial and economic trend
  • in-depth analysis of the project to be financed