The Irish Stock Exchange has listed the first Italian “project bond” through the listing of a €600m Autostrada Brescia Verona Vicenza Padova S.p.A bond on the Main Securities Market (MSM). The debt issuance, due 2020, has a coupon rate of 2.375%.
This debt listing is the first issued under the “project bond” law provisions included in the Italian Code of Public Contracts which was recently amended by the 2014 Unblock Italy Decree. This bond listing on the MSM benefits from the amendments made under the new regime including the application of a specific security package and the tax treatment of project bonds.
Autostrada Brescia Verona Vicenza Padova S.p.A is an Italian company in charge of the construction and management of toll motorways, tunnels, bridges and viaducts across Italy.