Passante di Mestre Project Bond
Ad aprile 2016 ha visto la luce il primo project bond con garanzia BEI, si tratta del bond del valore di 830 milioni di euro che consente a Concessioni Autostradali Venete- CAV S.p.A, di completare la restituzione ad Anas di quanto a suo tempo anticipato per la realizzazione del Passante Autostradale di Mestre e di rimborsare anticipatamente il finanziamento erogato nel corso del 2013 da Cassa Depositi e Prestiti su provvista della Banca europea per gli Investimenti (BEI).
PERCHE’ UN PROJECT BOND
La via scelta dalla società con il precedente Consiglio di Amministrazione e proseguita con grande determinazione dall’attuale vertice per saldare il debito con Anas è quella di un Project Bond, un’emissione obbligazionaria destinata a grandi investitori qualificati assistito da una garanzia rilasciata da parte della BEI, pari al 20% dell’importo dell’emissione. Si tratta della prima operazione finanziaria di questo tipo in Italia, una delle quattro in Europa.
Scelta confermata da un certosino studio comparativo realizzato da Deloitte per conto di CAV che ha messo a confronto finanziamenti bancari e altri tipi di emissioni obbligazionarie di società paragonabili per importi e tipologia. Si è arrivati, infine, a individuare questa strada come la più conveniente in assoluto grazie a un tasso fisso del 2,115%. Per fare un esempio, un mutuo bancario classico, secondo lo studio, sarebbe costato almeno il doppio in termini di interessi e anche in termini di durata.
COM’E’ STRUTTURATO IL BOND
Il rating societario conferito da Moody’s è attualmente pari ad un Baa1. Il Bond è disciplinato dalla legge inglese e le obbligazioni saranno quotate alla Borsa del Lussemburgo (Euro MTF). Il collocamento delle obbligazioni è rivolto esclusivamente a investitori istituzionali qualificati, sulla base di tranche minime a partire da 100.000 euro con multipli integrali di 1000 euro fino a euro 199.000.
Le manifestazioni di interesse per il project bond hanno superato il miliardo di euro contro gli 830 milioni disponibili. In funzione di questo, i bookrunner, su indicazione di CAV, hanno quindi riparametrato gli importi assegnati. Al Fondo Solidarietà Veneto è stato riconosciuto il 100% di quanto richiesto rispettando, così, la mission di sostegno al territorio di CAV.
I bookrunner, cioè il pool di banche che ha curato il collocamento, sono Banca IMI, BNP Paribas, Royal Bank of Scotland, Société Générale e UniCredit.
COME FUNZIONA IL BOND
Gli investitori che hanno sottoscritto i titoli riceveranno semestralmente, a partire dal 30 giugno 2016, il rimborso di una quota dell’importo sottoscritto e la quota di interessi per il periodo che va dal 12 aprile 2016 al 31 dicembre 2030. Si tratta come anticipato di un tasso di interesse fisso pari al 2,115%.
Termini e condizioni di accesso a questa sezione del sito web
Before accessing and using this section of the website (“Website”), please read the following terms and conditions (“Terms and Conditions”) carefully. The Terms and Conditions may be modified and/or updated from time to time and should therefore be read in full every time you log in to the Website. The Terms and Conditions govern your access to, and use of, the Website. By accessing the Website you agree to be bound by the Terms and Conditions.
Access and Use of the Website
The materials and information on the Website (“Materials”) have been placed on the Website by Concessioni Autostradali Venete – CAV S.p.A. (“CAV”) for information purposes only in order to comply with legal and regulatory requirements. The Materials do not, under any circumstances or in any jurisdiction, constitute or form part of, and shall not be construed as:
- a public offer of securities or other financial instruments under any applicable legislation;
- an offer to sell, or solicitation of an offer to buy, any securities or other financial instruments; or
- any advice or recommendation with respect to any securities or other financial instruments.
The Materials are intended to be distributed only to, and are directed only at:
- persons who have professional experience in matters relating to investments, falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or to high net worth entities falling within article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; and
- any other persons to whom the Materials may be lawfully communicated.
The securities or other financial instruments referred to on the Website have not been, and will not be, registered under the Securities Act and have not been offered, directly or indirectly, and will not be offered or sold, directly or indirectly, in or into the United States, in the relevant states, dependencies or in the District of Columbia or to, or for the account or benefit of, any U.S. person (as defined in Regulation S under the Securities Act) without an applicable exemption from the registration requirements under the Securities Act. Accordingly, none of the Materials or any information relating to such securities or other financial instruments is directed at any person or entity within the United States or at any U.S. person and must not be accessed, stored, disclosed and or saved (either temporarily or permanently) if you are located in or you are a resident of the United States and no such Materials or information should be released, published or distributed directly or indirectly in or into the United States.
Where the Materials have been made available to you, this has been done on the basis that you are a person into whose possession such Materials may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver the Materials, electronically or otherwise, to any other person.
No Representations or Advice
Whilst CAV has taken all reasonable steps to ensure that the Materials are accurate as of the relevant date stated, neither CAV nor any of its affiliates or their respective directors, officers, employees or agents (or any related person or entity) makes any representation or warranty with respect to the Materials. Neither CAV nor any other person has any obligation, or has assumed any responsibility, to update any of the Materials or any other information for facts or events arising after the date that such Materials or other information is published. Any person accessing the Website should therefore be aware that the Materials may be out of date.
None of the Materials is, or purports to be, investment, tax or other advice or is intended to provide the basis of any credit or other evaluation, nor are forecasts contained therein intended to be a statement that the structuring of transactions expected in the Materials could be profitable or suitable for the recipient of the any such Materials, nor should any such Materials be considered a recommendation by CAV or any of its affiliates or their respective directors, officers, employees or agents (or any related person or entity) to purchase or sell any securities or other financial instruments. Neither CAV, nor any of its affiliates, agents or representatives, makes any representation regarding the possible legal, regulatory, accounting or tax consequences of an investment in the securities or other financial instruments referred to on the Website. CAV acts neither as an adviser to, nor owes any fiduciary duty to, any person accessing the Website. Any person accessing the Website should make its own independent evaluation of the transactions described, the risks involved, and the relevance and adequacy of the Materials and should make such other investigations as it deems necessary. Investors should also consult their own legal, tax and other advisers in order to make any investment decision. The Materials are not tailored for any particular investor and do not constitute individual investment, tax or other advice. Any person accessing the Materials should also be aware that such Materials may contain additional disclaimers or limitations on liability.
No On-selling or Other Use
Except to the extent expressly set out in the relevant prospectus, contract, report or other document, no person or entity may use or rely on the Materials for any purpose whatsoever, including, in particular, the making of any offer to sell, or any solicitation of an offer to buy, any securities or other financial instruments referred to on the Website.
Neither CAV, nor any person who controls it, nor any affiliate, director, officer, employee nor agent of it or affiliate of such person accepts any liability arising out of or in connection with the use of the Materials.
The Materials have been made available to you in electronic form and neither CAV nor any of its affiliates or their respective directors, officers, employees or agents (or any related person or entity) warrants that such access, or use of the Website generally, will be uninterrupted or free of error. You are reminded that documents transmitted electronically may be altered or changed during the process of transmission and consequently none of CAV or any of its affiliates or their respective directors, officers, employees or agents (or any related person or entity) accepts any liability or responsibility whatsoever in respect of any difference between the Materials made available to you in electronic form and the hard copy equivalent.
By clicking “I agree” below, you are certifying that you have read and understood, and that you agree to be bound by, the Terms and Conditions and that you provide the representations set forth therein. If you are not permitted to access and/or use the Materials or are in any doubt as to whether you are permitted to access and/or use the Materials, please exit this webpage.