CAV SPA
CAV SPA

Società

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%.

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