Minibonds: regulation following the new provisions of law
The subject of so-called ‘minibonds’ has become, or perhaps it’s back to being, particularly topical, following the recent conversion into law of the decree law named ‘Destinazione Italia’ at the end of February, which contains a number of provisions that integrate the rules governing the issue of bonds and similar securities by non-listed companies. The matter was already dealt with by the Monti government into the law decree ‘Sviluppo Italia’ then converted into law.
The expression ‘minibond’ — a term used to describe the new instrument — is a not-technic expression, of which there is no trace in the various legislative provisions mentioned and which does not refer to a new category of securities. The term includes bonds in general and other securities so called similar (i.e. debt securities of limited liability companies according to article 2483 of the Italian Civil Code and equity financial instruments according to article 2346 of the Italian Civil Code in the form of loans), as well as the particular category of ‘equity bonds’ with subordination clause — already provided for by article 2411 of the Italian Civil Code.
The prefix ‘mini’ would appear to refer the size of the bond loan. However, if we examine the 20 and more issues that applied the new rules since 2012, we can observe that most of them were for a considerable amounts, ranging from €200m to €700m (£163m to £572m)…
Click on the link below to read the rest of the NCTM briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from NCTM
News from The Lawyer
Briefings from NCTM
Also: EU’s 2016 Work Programme reflects Juncker mantra to limit the amount of legislation; and more
Can the bankruptcy receiver terminate a commitment to sell property if the purchaser has already registered the court claim with the land registry?
Analysis from The Lawyer
Being sent to London on secondment is a prized opportunity for associates in European firms