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Bonds Listing


Bonds may be admitted to listing where they are issued by companies or entities who have published and filed, in compliance with national law, the consolidated annual accounts for the last 3 financial years, of which at least the latest must be accompanied by an auditor's opinion. Admission to listing may not be granted where the auditing firm has rendered an adverse opinion or a disclaimer.

In exceptional circumstances a smaller number of annual acconts may be accepted, but such derogation must be in the interests of the issuer and of investors and the latter must have all the information needed to evaluate the issuer and the bonds object of the issue.

Recently established companies who have never published and filled an annual report must produce a pro forma income statement, a pro forma cash flow statement and a pro forma balance sheet referred to the closing date of the finacial year preceding the application, all accompanied by the report of the auditing firm containing its opinion on the reasonableness of the basic assumptions made in preparing the pro forma data, the correct application of the methods used and the correctness of the accounting policies applied . These provisions are applyed also to the issuers whose assets and liabilities have undergone substantial changes in the financial year preeceding that of the application. These data must be produced in addition to the annual accounts.

Where issuers of bonds have been rated, such rating must be notified to Borsa Italiana.

Where bonds are unconditionally and irrevocably guaranteed by a third party (the guarantor), all the requirements related to the issuer mentioned above shall be understood to apply to the guarantor.



Last update:  December 12 2012 - 12:40

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