If the admission to trading of your Company’s bonds takes place on a regulated market and/or if the Offer takes place through a Public Offer, the Company needs to prepare and disclose an EU Prospectus (unless any of the exemptions referred apply). This section aims to present to potential issuers the roadmap to follow in those situations.
Usually, the Bond Offering process is developed in 3 phases, namely Planning, Preparation & Review and Offering & Placement:
Bond Offering & Listing
Preparation & Review
Offering & Placement
The Bond Offering planning should lay the framework for a successful Offer. In order to ascertain that a Bond Offering is the optimal choice (and if so, what is the best format for an Offer), Companies should diligently analyse and rank all available funding alternatives.
In this phase, it’s common to do the following steps:
It is advisable to hire advisors to perform and assist some of the tasks, such as due diligence (if needed) and the regulatory requirements (fillings and documents), adaptation of the financial information if required.
Main steps in this phase are the following:
This is the last stage in the Bond Offering process and will culminate in the issuance of the bonds. This phase is key not only for the success of the Bond Offering but also for the Company’s relationship with Investors, as this is a period in which the Company will have a high level of exposure and Investors’ attention is highly focused.
The stages in this last phase are as follows:
Once you are knowledgeable about the required steps and with the help of experienced advisors, you should be able to navigate the Bond Offering process with relative ease. In this section you will find a detailed description of the 3 phases which culminate on the Bond Offering and listing of the bonds. Post-Listing in section “5. Life as a company with securities admitted to trading”.
A comprehensive timeline detailing main events during the process is presented here.