From February 11th, 2013 the Professional Segment of ExtraMOT market dedicated to listing of bonds, commercial paper, project bond has been activated.
The new segment was born to offer to corporate and, in particular to SMEs, a national market flexible, and cost effective in which to take opportunities and tax benefits arising from the new regulatory framework (Decree-Law No. 83/2012).
The regulatory infrastructure of the new segment provides corporates with a first access to capital markets easily and efficient. The only listing requirements are publishing the annual financial statements for the past two years, the last of which audited and providing an admission document in Italian or in English with some essential information. It isn’t required a listing prospectus in accordance with the Prospectus Directive. After the admission to listing is required to publish audited financial statements, the disclosure of the rating if a public rating is assigned, the information concerning any changes in the bond holders’ rights, and any technical information related to the characteristics of the instruments (e.g. payment dates, interest coupons, sinking schedule).
The segment has the same structure of ExtraMOT, but trading is allowed only to professional investors. It is possible to have a specialist to support the liquidity of the instrument.
Starting from October 24th, 2016 Italian corporates can distribute bonds and commercial paper on the ExtraMOT PRO trading platform, before the issuance.
The new service is well suited for corporates that are already known by capital markets and it allows them:
- To have access to a wide network of brokers connected and interconnected to the market, enlarging their financial contacts by their arrangers also dealers for the issuance;
- To accelerate the fund raising diversification process with one or more arrangers;
- To automatize the full issuance process, included the settlement phase because of the integration of ExtraMOT with the Italian and international settlement systems (Monte Titoli/Euroclear & Clearstream);
- To ensure at the time of the offer the fulfillment of requirements for admission to the subsequent listing, so as to have maximum continuity between "primary market" and "secondary market".
From 16 September 2019, the ExtraMOT market is enriched by a further segment with ExtraMOT PRO3 which will be dedicated to the issuance of bonds or debt securities by companies not listed on regulated markets, SMEs or with an issue value of less than 50 million of Euro. The introduction of the new segment is opportune in order to rationalize the offer of financial instruments issued primarily by small and medium-sized companies with high growth potential, also in light of the Capital Market Union work. Borsa Italiana believes that ExtraMOT PRO3 will allow to increase the visibility of the listed companies, and at the same time to benefit from initiatives aimed at facilitating access to capital and reducing market funding costs for SMEs.
Download here the presentation with the details of the new service.
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