{"id":3178,"date":"2022-08-22T08:29:30","date_gmt":"2022-08-22T08:29:30","guid":{"rendered":"https:\/\/www.guiadoemitente.pt\/?p=3178"},"modified":"2026-08-17T12:08:41","modified_gmt":"2026-08-17T12:08:41","slug":"4-1-1-1-planning","status":"publish","type":"post","link":"https:\/\/www.guiadoemitente.pt\/en\/4-1-1-1-planning\/","title":{"rendered":"4.1.1.1 Planning"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The chances of success of the operation are increased if in the period that precedes a bond offering, the executive team of the Company carries a solid end-to-end planning process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Successful Bond Offering candidates will begin the planning process in advance. The planning phase (as well as the preparation phase) will vary greatly dependent on several factors such as: the issuer\u00b4s development stage, if it is the first issuance or not, if you have a base Prospectus, if the Company will launch a Public or Private Offer and if you chose a regulated market or an MTF for listing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the Planning phase, the main aspects to be covered are (i) <a href=\"#bond-offering\" data-type=\"internal\" data-id=\"#bond-offering\">the Bond Offering Structure and main features<\/a>; (ii) <a href=\"#eligibility-criteria\" data-type=\"internal\" data-id=\"#eligibility-criteria\">the Eligibility criteria<\/a>; and (iii) <a href=\"#appointment-of-advisors\" data-type=\"internal\" data-id=\"#appointment-of-advisors\">the appointment of Advisors<\/a>. The following sections will cover each one of these (click on the diagram to fast-travel to any specific caption).<\/p>\n\n\n<style>.kb-row-layout-id3178_ef2cb7-67 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_ef2cb7-67 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_ef2cb7-67 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);}.kb-row-layout-id3178_ef2cb7-67 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}.kb-row-layout-id3178_ef2cb7-67 > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}.kb-row-layout-id3178_ef2cb7-67 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_ef2cb7-67 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and 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(max-width: 1024px){.kadence-column3178_e4627a-43 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_e4627a-43 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_e4627a-43 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > .kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap{max-width:unset;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;border-top-left-radius:12px;border-top-right-radius:12px;border-bottom-right-radius:12px;border-bottom-left-radius:12px;background:#ffffff;padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px;margin-top:50px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap:hover{background:#ffffff;}.kt-info-box3178_46e5db-a2 .kadence-info-box-icon-container .kt-info-svg-icon, .kt-info-box3178_46e5db-a2 .kt-info-svg-icon-flip, .kt-info-box3178_46e5db-a2 .kt-blocks-info-box-number{font-size:36px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-media{color:#10154B;background:#FFF;border-color:#10154B;border-radius:200px;overflow:hidden;border-top-width:2px;border-right-width:2px;border-bottom-width:2px;border-left-width:2px;padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-media-container{margin-top:-75px;margin-right:0px;margin-bottom:20px;margin-left:0px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#444444;background:#ffffff;border-color:#eeeeee;}.kt-info-box3178_46e5db-a2 .kt-infobox-textcontent h4.kt-blocks-info-box-title{font-size:18px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.kt-info-box3178_46e5db-a2 .kt-infobox-textcontent .kt-blocks-info-box-text{color:#555555;}.wp-block-kadence-infobox.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-text{font-size:12px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-learnmore{background:transparent;border-color:#555555;border-width:0px 0px 0px 0px;padding-top:4px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#ffffff;background:#444444;border-color:#444444;}@media all and (max-width: 1024px){.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;}}@media all and (max-width: 767px){.kt-info-box3178_46e5db-a2 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;}}<\/style>\n<div class=\"wp-block-kadence-infobox kt-info-box3178_46e5db-a2\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\" href=\"https:\/\/www.guiadoemitente.pt\/en\/4-1-1-1-planning\/#bond-offering\"><div class=\"kt-blocks-info-box-media-container\"><div class=\"kt-blocks-info-box-media kt-info-media-animate-none\"><div class=\"kadence-info-box-icon-container kt-info-icon-animate-none\"><div class=\"kadence-info-box-icon-inner-container\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_file-signature kt-info-svg-icon\"><svg viewBox=\"0 0 576 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M218.17 424.14c-2.95-5.92-8.09-6.52-10.17-6.52s-7.22.59-10.02 6.19l-7.67 15.34c-6.37 12.78-25.03 11.37-29.48-2.09L144 386.59l-10.61 31.88c-5.89 17.66-22.38 29.53-41 29.53H80c-8.84 0-16-7.16-16-16s7.16-16 16-16h12.39c4.83 0 9.11-3.08 10.64-7.66l18.19-54.64c3.3-9.81 12.44-16.41 22.78-16.41s19.48 6.59 22.77 16.41l13.88 41.64c19.75-16.19 54.06-9.7 66 14.16 1.89 3.78 5.49 5.95 9.36 6.26v-82.12l128-127.09V160H248c-13.2 0-24-10.8-24-24V0H24C10.7 0 0 10.7 0 24v464c0 13.3 10.7 24 24 24h336c13.3 0 24-10.7 24-24v-40l-128-.11c-16.12-.31-30.58-9.28-37.83-23.75zM384 121.9c0-6.3-2.5-12.4-7-16.9L279.1 7c-4.5-4.5-10.6-7-17-7H256v128h128v-6.1zm-96 225.06V416h68.99l161.68-162.78-67.88-67.88L288 346.96zm280.54-179.63l-31.87-31.87c-9.94-9.94-26.07-9.94-36.01 0l-27.25 27.25 67.88 67.88 27.25-27.25c9.95-9.94 9.95-26.07 0-36.01z\"\/><\/svg><\/span><\/div><\/div><\/div><\/div><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Bond Offering Structure and main features<\/h4><p class=\"kt-blocks-info-box-text\">The Bond Offering Planning should set the groundwork for a successful Bond Offering. During this period companies will try to assure the bond offering is the best option, identify gating issues upfront, plan the structure of the bond and its terms and implement changes to enhance corporate governance and transparency as a company with publicly traded bonds.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_ec643a-4e > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_ec643a-4e > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_ec643a-4e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_ec643a-4e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_ec643a-4e{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_ec643a-4e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_ec643a-4e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_ec643a-4e inner-column-2\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > .kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap{max-width:unset;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;border-top-left-radius:12px;border-top-right-radius:12px;border-bottom-right-radius:12px;border-bottom-left-radius:12px;background:#ffffff;padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px;margin-top:50px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap:hover{background:#ffffff;}.kt-info-box3178_fa46cc-a8 .kadence-info-box-icon-container .kt-info-svg-icon, .kt-info-box3178_fa46cc-a8 .kt-info-svg-icon-flip, .kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-number{font-size:36px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-media{color:#10154B;background:#ffffff;border-color:#10154B;border-radius:200px;overflow:hidden;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-media-container{margin-top:-75px;margin-right:0px;margin-bottom:20px;margin-left:0px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#444444;background:#ffffff;border-color:#eeeeee;}.kt-info-box3178_fa46cc-a8 .kt-infobox-textcontent h4.kt-blocks-info-box-title{font-size:18px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.kt-info-box3178_fa46cc-a8 .kt-infobox-textcontent .kt-blocks-info-box-text{color:#555555;}.wp-block-kadence-infobox.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-text{font-size:12px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-learnmore{background:transparent;border-color:#555555;border-width:0px 0px 0px 0px;padding-top:4px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#ffffff;background:#444444;border-color:#444444;}@media all and (max-width: 1024px){.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;}}@media all and (max-width: 767px){.kt-info-box3178_fa46cc-a8 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;}}<\/style>\n<div class=\"wp-block-kadence-infobox kt-info-box3178_fa46cc-a8\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\" href=\"https:\/\/www.guiadoemitente.pt\/en\/4-1-1-1-planning\/#eligibility-criteria\"><div class=\"kt-blocks-info-box-media-container\"><div class=\"kt-blocks-info-box-media kt-info-media-animate-none\"><div class=\"kadence-info-box-icon-container kt-info-icon-animate-none\"><div class=\"kadence-info-box-icon-inner-container\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkSquare kt-info-svg-icon\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><polyline points=\"9 11 12 14 22 4\"\/><path d=\"M21 12v7a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2V5a2 2 0 0 1 2-2h11\"\/><\/svg><\/span><\/div><\/div><\/div><\/div><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Eligibility <br>criteria<\/h4><p class=\"kt-blocks-info-box-text\">To access the bond market, companies must meet a number of preliminary requirements for admission to listing and trading, either on Euronext Access, Euronext Growth and Euronext. Those requirements must be taken into account when planning the Bond Offering journey.<br><br><br><\/p><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_f4bc26-17 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_f4bc26-17 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_f4bc26-17 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_f4bc26-17 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_f4bc26-17{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_f4bc26-17 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_f4bc26-17 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_f4bc26-17 inner-column-3\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > .kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap{max-width:unset;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;border-top-left-radius:12px;border-top-right-radius:12px;border-bottom-right-radius:12px;border-bottom-left-radius:12px;background:#ffffff;padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px;margin-top:50px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap:hover{background:#ffffff;}.kt-info-box3178_41499a-54 .kadence-info-box-icon-container .kt-info-svg-icon, .kt-info-box3178_41499a-54 .kt-info-svg-icon-flip, .kt-info-box3178_41499a-54 .kt-blocks-info-box-number{font-size:36px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-media{color:#10154B;background:#ffffff;border-color:#10154B;border-radius:200px;overflow:hidden;border-top-width:2px;border-right-width:2px;border-bottom-width:2px;border-left-width:2px;padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-media-container{margin-top:-75px;margin-right:0px;margin-bottom:20px;margin-left:0px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#444444;background:#ffffff;border-color:#eeeeee;}.kt-info-box3178_41499a-54 .kt-infobox-textcontent h4.kt-blocks-info-box-title{font-size:18px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.kt-info-box3178_41499a-54 .kt-infobox-textcontent .kt-blocks-info-box-text{color:#555555;}.wp-block-kadence-infobox.kt-info-box3178_41499a-54 .kt-blocks-info-box-text{font-size:12px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-learnmore{background:transparent;border-color:#555555;border-width:0px 0px 0px 0px;padding-top:4px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#ffffff;background:#444444;border-color:#444444;}@media all and (max-width: 1024px){.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;}}@media all and (max-width: 767px){.kt-info-box3178_41499a-54 .kt-blocks-info-box-link-wrap{border-top:2px solid #10154B;border-right:2px solid #10154B;border-bottom:2px solid #10154B;border-left:2px solid #10154B;}}<\/style>\n<div class=\"wp-block-kadence-infobox kt-info-box3178_41499a-54\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\" href=\"https:\/\/www.guiadoemitente.pt\/en\/4-1-1-1-planning\/#appointment-of-advisors\"><div class=\"kt-blocks-info-box-media-container\"><div class=\"kt-blocks-info-box-media kt-info-media-animate-none\"><div class=\"kadence-info-box-icon-container kt-info-icon-animate-none\"><div class=\"kadence-info-box-icon-inner-container\"><span class=\"kb-svg-icon-wrap kb-svg-icon-ic_people kt-info-svg-icon\"><svg viewBox=\"0 0 8 8\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M5.5 0c-.51 0-.95.35-1.22.88.45.54.72 1.28.72 2.13 0 .29-.03.55-.09.81.19.11.38.19.59.19.83 0 1.5-.9 1.5-2s-.67-2-1.5-2zm-3 1c-.83 0-1.5.9-1.5 2s.67 2 1.5 2 1.5-.9 1.5-2-.67-2-1.5-2zm4.75 3.16c-.43.51-1.02.82-1.69.84.27.38.44.84.44 1.34v.66h2v-1.66c0-.52-.31-.97-.75-1.19zm-6.5 1c-.44.22-.75.67-.75 1.19v1.66h5v-1.66c0-.52-.31-.97-.75-1.19-.45.53-1.06.84-1.75.84s-1.3-.32-1.75-.84z\"\/><\/svg><\/span><\/div><\/div><\/div><\/div><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Appointment of <br>advisors<\/h4><p class=\"kt-blocks-info-box-text\">The process of issuing and offering bonds to the public might requires collaboration with investment banks, working as financial advisors and\/or underwriters, the legal advisor, the reporting accountant, among others. Knowing the roles that the several advisors play and the right questions to ask them will help in selecting the best Bond Offering team.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_90cf9e-f5 .kt-block-spacer{height:60px;}.wp-block-kadence-spacer.kt-block-spacer-3178_90cf9e-f5 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_90cf9e-f5\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading3178_bb06a8-d4, .wp-block-kadence-advancedheading.kt-adv-heading3178_bb06a8-d4[data-kb-block=\"kb-adv-heading3178_bb06a8-d4\"]{font-size:18px;font-weight:bold;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_bb06a8-d4 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_bb06a8-d4[data-kb-block=\"kb-adv-heading3178_bb06a8-d4\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_bb06a8-d4 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_bb06a8-d4[data-kb-block=\"kb-adv-heading3178_bb06a8-d4\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p id=\"bond-offering\" class=\"kt-adv-heading3178_bb06a8-d4 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3178_bb06a8-d4\">4.1.1.1.1. Bond Offering Structure and main features<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading3178_2c1915-1a, .wp-block-kadence-advancedheading.kt-adv-heading3178_2c1915-1a[data-kb-block=\"kb-adv-heading3178_2c1915-1a\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading3178_2c1915-1a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_2c1915-1a[data-kb-block=\"kb-adv-heading3178_2c1915-1a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_2c1915-1a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_2c1915-1a[data-kb-block=\"kb-adv-heading3178_2c1915-1a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_2c1915-1a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3178_2c1915-1a\">4.1.1.1.1.1. Strategic Options<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How to know if a Bond Offering is the right strategy to achieve your goals?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even if a Bond Offering is the final goal and your approach to raise funding, you should consider other financing options in the context of shareholder and corporate objectives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These alternatives and a comparative analysis between them are available in section <a href=\"https:\/\/www.guiadoemitente.pt\/2-1-how-can-your-company-finance-its-funding-needs\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u20182.1. How can your Company finance its funding needs?\u2019<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With all the possible alternatives for raising financing, you&#8217;ll need a clear understanding of what&#8217;s required, how long the process will take, how much it&#8217;ll cost, and if alternative routes will need to be performed simultaneously.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What are the different types of corporate bond offers preceding the listing them?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When considering the possibility of offering bonds and having them traded on a stock market the Company should consider whether the issuance is going to be made by a Public Offer or a Private Placement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Public Offer is the process of distributing the Company\u2019s bonds to the general public. Upon listing, the bonds are ready to be exchanged by investors. The transition to being a Company with bonds traded on the stock market is a relevant step as the Company will be under the public eye.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Private Placement is the sale of bonds to a select group of investors and institutions and is seen as a private alternative for debt financing. Private Placement transactions and allow the Company to sell more sophisticated financial instruments because on the other side there are professional investors who understand the potential risks and rewards. One consequence may be less visibility for the Company (including media, clients and other stakeholders) and the potential lack of liquidity as the bonds will be held by a small number of investors.<\/p>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_3e8051-76 .kt-block-spacer{height:40px;}.wp-block-kadence-spacer.kt-block-spacer-3178_3e8051-76 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_3e8051-76\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading3178_9fb6fb-4b, .wp-block-kadence-advancedheading.kt-adv-heading3178_9fb6fb-4b[data-kb-block=\"kb-adv-heading3178_9fb6fb-4b\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading3178_9fb6fb-4b mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_9fb6fb-4b[data-kb-block=\"kb-adv-heading3178_9fb6fb-4b\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_9fb6fb-4b img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_9fb6fb-4b[data-kb-block=\"kb-adv-heading3178_9fb6fb-4b\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_9fb6fb-4b wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3178_9fb6fb-4b\">4.1.1.1.1.3. What do investors look for\/value in a bond issuance?<em> <\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to investing in a bond offering, investors will mainly focus on the current and future risk of the Company (namely the <strong>credit rating<\/strong>, if any, or the <strong>financial metrics<\/strong>, such as leverage and solvency ratios).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bellow characteristics are valued by the investors:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_27c73e-03:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_27c73e-03 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_27c73e-03 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_27c73e-03 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items3178_27c73e-03 kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-3178_11d004-c6 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_11d004-c6 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_11d004-c6 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A resilient business model;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_ba27e8-ec .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_ba27e8-ec .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_ba27e8-ec kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">An established and steady financial track record;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_e00b1a-03 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_e00b1a-03 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_e00b1a-03 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A stable market position and good growth predictions;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_d4a1d3-0a .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_d4a1d3-0a .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_d4a1d3-0a kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">An experienced and skilled management team with a proven track record;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_4406fe-e8 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_4406fe-e8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_4406fe-e8 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A sound and healthy balance sheet;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_cbbfbe-70 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_cbbfbe-70 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_cbbfbe-70 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">A strong cash generation, and the potential of future debt-deleveraging.<\/span><\/li>\n<\/ul><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, investors will also have into account what is the intended use of the proceeds (e.g. acquisitions, refinancing of existing loans or general corporate purposes), and what collaterals and guarantees can be offered, if any.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Company may request the assistance of a financial intermediary to place the offer of bonds. The diagram bellow presents an overview of the typical considerations the financial intermediary will make, when assessing the financial ratios of the Company at the start of the offering process. The terms and pricing of the bond to be issued will be subject, to some degree, to negotiations between the Company and the financial advisor(s)\/placement members.<\/p>\n\n\n<style>.kb-image3178_33eca9-8d .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image3178_33eca9-8d size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"886\" height=\"510\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/NEW-GRAPHIC-4.1.1.1.png\" alt=\"\" class=\"kb-img wp-image-4924\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/NEW-GRAPHIC-4.1.1.1.png 886w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/NEW-GRAPHIC-4.1.1.1-300x173.png 300w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/NEW-GRAPHIC-4.1.1.1-768x442.png 768w\" sizes=\"auto, (max-width: 886px) 100vw, 886px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is your company suitable to proceed with the issuing?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to embarking on a bond issue, the Company must validate that there are no legal barriers to the issue. Accordingly, the Company should check that:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_2e9923-83:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_2e9923-83 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_2e9923-83 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_2e9923-83 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items3178_2e9923-83 kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-3178_d3a6c8-c3 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_d3a6c8-c3 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_d3a6c8-c3 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">The issuance is compliant with the Companies law and the Company\u2019s articles of association;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_4c3ab6-1e .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_4c3ab6-1e .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_4c3ab6-1e kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">There are no borrowing limitations in the Company\u2019s articles of association or in contracts and agreements to which the Company is a party that could hinder the issuance.<\/span><\/li>\n<\/ul><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, if the bond issue is to be guaranteed by a parent company of the Issuer, similar questions need to be addressed in relation to the guarantor.<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading3178_8fa3ef-5d, .wp-block-kadence-advancedheading.kt-adv-heading3178_8fa3ef-5d[data-kb-block=\"kb-adv-heading3178_8fa3ef-5d\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading3178_8fa3ef-5d mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_8fa3ef-5d[data-kb-block=\"kb-adv-heading3178_8fa3ef-5d\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_8fa3ef-5d img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_8fa3ef-5d[data-kb-block=\"kb-adv-heading3178_8fa3ef-5d\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_8fa3ef-5d wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3178_8fa3ef-5d\">4.1.1.1.1.4. Structuring the bond<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the planning phase of a corporate bond offering, the Company should consider various factors when structuring the bonds to be offered. Examples of such factors are presented below:&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<style>.kb-row-layout-id3178_74997c-df > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_74997c-df > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_74997c-df > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:3px;padding-bottom:25px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_74997c-df > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_74997c-df > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_74997c-df > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_74997c-df alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_de79f6-6e > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_de79f6-6e > .kt-inside-inner-col{border-top:5px solid #3C47B0;}.kadence-column3178_de79f6-6e > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_de79f6-6e > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_de79f6-6e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_de79f6-6e > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_de79f6-6e:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_de79f6-6e > .kt-inside-inner-col:before{opacity:0.3;background-color:rgba(60,71,176,0.2);}.kadence-column3178_de79f6-6e:hover > .kt-inside-inner-col:before{background-color:rgba(31,38,106,0.2);background-image:none;}.kadence-column3178_de79f6-6e{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_de79f6-6e > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_de79f6-6e > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_de79f6-6e kb-section-has-overlay inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3178_3bcb97-0f, .wp-block-kadence-advancedheading.kt-adv-heading3178_3bcb97-0f[data-kb-block=\"kb-adv-heading3178_3bcb97-0f\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_3bcb97-0f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_3bcb97-0f[data-kb-block=\"kb-adv-heading3178_3bcb97-0f\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_3bcb97-0f img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_3bcb97-0f[data-kb-block=\"kb-adv-heading3178_3bcb97-0f\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_3bcb97-0f wp-block-kadence-advancedheading has-azul-1-color has-text-color\" data-kb-block=\"kb-adv-heading3178_3bcb97-0f\">Size of the issue<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company will typically have an idea of what is the amount of funding needed to pursue its objectives. Nonetheless, when considering a bond issuance, the Company should take into consideration that the amount of the issuance will impact the interest that potential investors will have in the offering. Some investors are only looking for large issues, in which they can invest large amounts of money (e.g. because the subsequent management of that investment is more efficient or because they estimate a higher probability of liquidity in the secondary market), hence demand is affected by the size of the issuing. Additionally, is worth noticing that some Institutional Investors are mandated for investing in large issuances exclusively.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, as a bond offering entails structuring costs, the larger the size of the offer, the greater the dilution of these costs will be.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_b3033e-ea > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_b3033e-ea > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_b3033e-ea > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:3px;padding-bottom:25px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_b3033e-ea > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_b3033e-ea > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_b3033e-ea > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_b3033e-ea alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_7f8780-af > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_7f8780-af > .kt-inside-inner-col{border-top:5px solid #3C47B0;}.kadence-column3178_7f8780-af > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_7f8780-af > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_7f8780-af > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_7f8780-af > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_7f8780-af:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_7f8780-af > .kt-inside-inner-col:before{opacity:0.3;background-color:rgba(60,71,176,0.2);}.kadence-column3178_7f8780-af:hover > .kt-inside-inner-col:before{background-color:rgba(31,38,106,0.2);background-image:none;}.kadence-column3178_7f8780-af{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_7f8780-af > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_7f8780-af > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_7f8780-af kb-section-has-overlay inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3178_dc45e5-d7, .wp-block-kadence-advancedheading.kt-adv-heading3178_dc45e5-d7[data-kb-block=\"kb-adv-heading3178_dc45e5-d7\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_dc45e5-d7 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_dc45e5-d7[data-kb-block=\"kb-adv-heading3178_dc45e5-d7\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_dc45e5-d7 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_dc45e5-d7[data-kb-block=\"kb-adv-heading3178_dc45e5-d7\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_dc45e5-d7 wp-block-kadence-advancedheading has-azul-1-color has-text-color\" data-kb-block=\"kb-adv-heading3178_dc45e5-d7\">Capital Structure<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The price and terms of the bond issue will be impacted by how the bond financing fits in with the Company\u2019s existing capital structure. The Company must also deliberate what (if any) collateral can be provided as a guarantee, which could offer lower interest costs. In case the best collateral has already been used as security for senior secured debt, the Bond debt twill rank behind secured debt. A possibility to reach a lower interest rate can be to issue convertible bonds (in shares), as investors will be rewarded with conversion rights in addition to the coupon (i.e. interest).<\/p>\n\n\n<style>.kb-image3178_9dce1c-ce .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image3178_9dce1c-ce size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"575\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-4.1.1.1-1024x575.png\" alt=\"\" class=\"kb-img wp-image-6772\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-4.1.1.1-1024x575.png 1024w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-4.1.1.1-300x168.png 300w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-4.1.1.1-768x431.png 768w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-4.1.1.1.png 1279w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, the Company must also assess the impact that a bond issuance may have on its ability to repay existing debt obligations. Furthermore, any loan agreements previously in place may have covenants that need to be considered when new bond financing is being planned. Financial modeling (which can be done with the assistance of financial advisors) can be applied to see how the several features of financing fits together, also taking into account the financial covenants of the respective senior debt, junior debt, convertible bonds and any future investment plans.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_678121-70 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_678121-70 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_678121-70 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:3px;padding-bottom:25px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_678121-70 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_678121-70 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_678121-70 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_678121-70 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_c42acd-34 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_c42acd-34 > .kt-inside-inner-col{border-top:5px solid #3C47B0;}.kadence-column3178_c42acd-34 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_c42acd-34 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_c42acd-34 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_c42acd-34 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_c42acd-34:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_c42acd-34 > .kt-inside-inner-col:before{opacity:0.3;background-color:rgba(60,71,176,0.2);}.kadence-column3178_c42acd-34:hover > .kt-inside-inner-col:before{background-color:rgba(31,38,106,0.2);background-image:none;}.kadence-column3178_c42acd-34{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_c42acd-34 > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_c42acd-34 > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_c42acd-34 kb-section-has-overlay inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3178_b433a7-c9, .wp-block-kadence-advancedheading.kt-adv-heading3178_b433a7-c9[data-kb-block=\"kb-adv-heading3178_b433a7-c9\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_b433a7-c9 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_b433a7-c9[data-kb-block=\"kb-adv-heading3178_b433a7-c9\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_b433a7-c9 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_b433a7-c9[data-kb-block=\"kb-adv-heading3178_b433a7-c9\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_b433a7-c9 wp-block-kadence-advancedheading has-azul-1-color has-text-color\" data-kb-block=\"kb-adv-heading3178_b433a7-c9\">Bond Issuer<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For Group companies it is necessary to decide which entity will proceed with the bond issuance. Important factors are bond purpose, the capital structure of the Company (or Group) and the existent debt, the bond Issuer can be the ultimate parent company, an intermediate holding\/operating company or a lower-level operating company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Typically, senior debt is contracted and secured by the operating Company(ies). This is due to the fact that lenders have a preference to have the debt sitting in the entities where cash-flow generation is more preeminent. Accordingly, this type of debt has lower risk for investors and can provide lower interest rates. On the other hand, high yield bonds are frequently issued by the parent holding company, with higher risk when compared to senior debt. To mitigate investor risk in these cases, sometimes such bonds are secured with share pledges in the operating subsidiaries.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_f890e5-a7 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_f890e5-a7 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_f890e5-a7 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:3px;padding-bottom:25px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_f890e5-a7 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_f890e5-a7 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_f890e5-a7 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_f890e5-a7 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{border-top:5px solid #3C47B0;}.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_79c1b9-60 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_79c1b9-60:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_79c1b9-60 > .kt-inside-inner-col:before{opacity:0.3;background-color:rgba(60,71,176,0.2);}.kadence-column3178_79c1b9-60:hover > .kt-inside-inner-col:before{background-color:rgba(31,38,106,0.2);background-image:none;}.kadence-column3178_79c1b9-60{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_79c1b9-60 > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_79c1b9-60 kb-section-has-overlay inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3178_7d0b29-8d, .wp-block-kadence-advancedheading.kt-adv-heading3178_7d0b29-8d[data-kb-block=\"kb-adv-heading3178_7d0b29-8d\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_7d0b29-8d mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_7d0b29-8d[data-kb-block=\"kb-adv-heading3178_7d0b29-8d\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_7d0b29-8d img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_7d0b29-8d[data-kb-block=\"kb-adv-heading3178_7d0b29-8d\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_7d0b29-8d wp-block-kadence-advancedheading has-azul-1-color has-text-color\" data-kb-block=\"kb-adv-heading3178_7d0b29-8d\">Colateral and\/or guarantees<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To improve the terms of the bonds, the Company may provide collaterals and\/or guarantees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Assets can be used as collateral or shares in subsidiaries can be pledged as guarantee\/security. Alternatively, covenants can express that assets cannot be pledged without the consent of the bondholders (i.e. negative pledge). Alternatively, to enhance the creditworthiness of the Company and improve the terms of the bonds, they can be guaranteed by the Company\u2019s subsidiaries or by the Company\u00b4s major shareholder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, covenants may be included on the terms and conditions of the bonds to prevent the Company from becoming excessively leveraged and preserve the assets of the Company (or the Group), safeguarding the bondholders during the lifetime of the bonds. Accordingly, the covenant package may limit the ability of the Company (or the overall Group) to, for example:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_867eb8-4d:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_867eb8-4d ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_867eb8-4d ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_867eb8-4d ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items3178_867eb8-4d kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-3178_55512c-c7 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_55512c-c7 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_55512c-c7 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Incur in additional debt;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_b3e7bd-42 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_b3e7bd-42 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_b3e7bd-42 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Distribute profits;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_0cf817-5c .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_0cf817-5c .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_0cf817-5c kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Sell assets and subsidiary stock;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_46bbce-6d .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_46bbce-6d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_46bbce-6d kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Grant security interests on the assets;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_942404-b3 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_942404-b3 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_942404-b3 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Provide additional guarantees;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_643a77-19 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_643a77-19 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_643a77-19 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enter into affiliate transactions;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_b6f54f-58 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_b6f54f-58 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_b6f54f-58 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Execute mergers or acquisitions;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_98bf27-ee .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_98bf27-ee .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_98bf27-ee kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Change the ownership structure of the Company (or Group).<\/span><\/li>\n<\/ul><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Maintenance covenants<\/strong> &#8211; a maintenance covenant is another option that can be considered. They require the Company to maintain a certain level of financial performance (measured with key financial ratios). Maintenance covenants are tested regularly. Typical examples of maintenance covenants are:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_98bf70-92:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_98bf70-92 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_98bf70-92 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_98bf70-92 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items3178_98bf70-92 kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-3178_c532ac-08 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_c532ac-08 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_c532ac-08 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Covenants designed to mitigate financial leverage: Net Debt\/EBITDA ratio and the interest coverage ratio;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_f7457f-62 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_f7457f-62 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_f7457f-62 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Covenants designed to ensure liquidity: liquidity covenant, where the Company (or Group) needs to maintain a certain minimum of free cash.<\/span><\/li>\n<\/ul><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">If such covenants are included in the terms and conditions of the bonds, the Company will need to have systems in place to monitor and forecast its financial development along the fulfillment of these covenants.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Incurrence covenants<\/strong> \u2013 these covenants are only triggered when the Company undertakes some defined actions. For example, incurrence covenants can include that the Company is not allowed to distribute dividends, incur additional debt, proceed with M&amp;A activities unless certain threshold or tests are established. Generally, Management finds it easier to deal with incurrence covenants, given that the Company will not need to continually monitor whether the financial ratios are maintained. Nonetheless, incurrence covenants offer lower safety for the bondholders, as they are only tested when the Company undertakes specific actions.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_682733-59 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_682733-59 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_682733-59 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:3px;padding-bottom:25px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_682733-59 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_682733-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_682733-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_682733-59 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{border-top:5px solid #3C47B0;}.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_9f8d43-99 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_9f8d43-99:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_9f8d43-99 > .kt-inside-inner-col:before{opacity:0.3;background-color:rgba(60,71,176,0.2);}.kadence-column3178_9f8d43-99:hover > .kt-inside-inner-col:before{background-color:rgba(31,38,106,0.2);background-image:none;}.kadence-column3178_9f8d43-99{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_9f8d43-99 > .kt-inside-inner-col{border-top:5px solid #3C47B0;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_9f8d43-99 kb-section-has-overlay inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading3178_301901-90, .wp-block-kadence-advancedheading.kt-adv-heading3178_301901-90[data-kb-block=\"kb-adv-heading3178_301901-90\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_301901-90 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_301901-90[data-kb-block=\"kb-adv-heading3178_301901-90\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_301901-90 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_301901-90[data-kb-block=\"kb-adv-heading3178_301901-90\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading3178_301901-90 wp-block-kadence-advancedheading has-azul-1-color has-text-color\" data-kb-block=\"kb-adv-heading3178_301901-90\">Maturity and coupon<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company should consider the maturity of the bond loan having into account its current future obligations (e.g. existing debt agreements) and its future cash flow prospects. Typically, higher maturities will require higher interest rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the Company must decide the type of coupon (i.e. the fixed orfloating rate of interest that the Company will pay its bondholders). The coupon and the associated covenant package will reflect all factors set out above plus investor preferences and demand. Financial advisors will assist on the definition of those terms.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Some relevant\/common classifications<\/strong><\/p>\n\n\n<style>.kb-row-layout-id3178_95f23f-eb > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_95f23f-eb > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_95f23f-eb > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:3px;padding-bottom:25px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_95f23f-eb > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_95f23f-eb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_95f23f-eb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_95f23f-eb alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_9b1938-54 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_9b1938-54 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_9b1938-54 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_9b1938-54 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_9b1938-54 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_9b1938-54 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_9b1938-54:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_9b1938-54 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_9b1938-54{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_9b1938-54 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_9b1938-54 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_9b1938-54 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\"><strong>Standalone issuance vs. issuances under a program &#8211;<\/strong><strong> <\/strong>a standalone bond issue is carried out independently, therefore, the Company achieves a financing transaction in one shot, which may be relevant, for instance, for a special project. The issuance is not integrated into a program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a Company needs several rounds of financing through a certain period of time, it may be easier to set up a programme for that purpose, instead of preparing each round independently. Euro medium term note (EMTN) programmes are the most common in Europe, allowing companies to issue and\/or list bonds through an existing programme and base prospectus. The Company: i) will establish the framework of the bonds to be issued (main features) and will request approval of a base prospectus that will describe the framework applicable to such programme and the bonds to be issued. Each time the Company wishes to issue and\/or list the bonds, the programme is already in place and a new prospectus is not required (updates to the base prospectus may be required).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is an easy way to recurrently access market, plus allowing issuers to do so in several European markets, provided that the programme and base prospectus already contains such feature. Bonds issued under EMTN programmes generally have maturities of less than 5 years, being flexible in terms of interest rate (fixed\/variable, other) and may be offered to the general public and\/or institutional investors, as well as listing in regulated markets or MTF.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_f62a3f-36 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_f62a3f-36 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_f62a3f-36 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_f62a3f-36 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_f62a3f-36 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_f62a3f-36 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_f62a3f-36 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_a33ac1-00 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_a33ac1-00:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_a33ac1-00 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_a33ac1-00{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_a33ac1-00 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_a33ac1-00 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\"><strong>Green bonds &#8211;<\/strong> Green Bonds enable capital-raising and investment for new and existing projects with environmental benefits. The categories of potential eligible green projects include, but are not limited to, renewable energy, energy efficiency, sustainable waste management, sustainable land use, biodiversity conservation, clean transportation, climate change and climate adaptation. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies may choose to issue green bonds under the European standard for environmentally sustainable bonds introduced into European law by the <strong>Regulation on European Green Bonds<\/strong> (applicable since 21 December 2024), which aimed to bring greater uniformity of criteria relating to the issuance of bonds in this area and to encourage investment in &#8220;activities aligned&#8221; with the EU environmental Taxonomy. This regulatory framework establishes uniform requirements for bond issuers wishing to use the designation of European green bond (&#8220;EuGB&#8221; in the English acronym), in particular with regard to the disclosure of information and the verification of compliance with the requirements by an external reviewer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The adoption of the European green bonds standard is voluntary in nature. Companies may also issue green bonds in accordance with market standards such as the Green Bond Principles of the International Capital Market Association (&#8220;ICMA&#8221; in the English acronym).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies that adopt this standard must make information available prior to the issuance (including a Prospectus), as well as, in order to remain eligible for sustainable financing, during the issuance, in particular with regard to the use of the funds raised in the transaction. The Company must inform the Regulator and the market operator of any information that may cause the bonds to cease to be eligible in ESG terms, as soon as the Company becomes aware of such information.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_195e49-56 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_195e49-56 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_195e49-56 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_195e49-56 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_195e49-56 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_195e49-56 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_195e49-56 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_344284-c5 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_344284-c5 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_344284-c5 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_344284-c5 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_344284-c5 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_344284-c5 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_344284-c5:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_344284-c5 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_344284-c5{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_344284-c5 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_344284-c5 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_344284-c5 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\"><strong>Sustainability linked bonds &#8211;<\/strong> Sustainability-linked bonds aim to further develop the key role that debt markets can play in financing and encouraging companies that contribute to sustainability (from an environmental and\/or social and\/or governance perspective). Unlike Green Bonds, sustainability-linked bonds may be used to finance any business activity, and their proceeds do not need to be allocated to specific projects. Nevertheless, the Company commits to achieving certain measurable sustainability performance targets around pre-determined key performance indicators (\u201cKPIs\u201d), and to having them reviewed by an independent external entity. Generally, the company is penalised (e.g., in the interest rate) if it does not meet the KPIs. Another central feature of this type of bond is that the financial characteristics and\/or structure may vary depending on whether or not the Company meets the pre-defined key indicators. As a rule, to be accepted by the market, the report must be consistent with the ICMA\u2019s Sustainability-Linked Bond Principles.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Regulation on European Green Bonds also established templates for the optional disclosure of information relating to environmentally sustainable and sustainability-linked bonds in the EU, which issuers may complete and publish together with the rest of the disclosure documentation.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading3178_3daf1c-53, .wp-block-kadence-advancedheading.kt-adv-heading3178_3daf1c-53[data-kb-block=\"kb-adv-heading3178_3daf1c-53\"]{font-size:18px;font-weight:bold;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_3daf1c-53 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_3daf1c-53[data-kb-block=\"kb-adv-heading3178_3daf1c-53\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_3daf1c-53 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_3daf1c-53[data-kb-block=\"kb-adv-heading3178_3daf1c-53\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p id=\"eligibility-criteria\" class=\"kt-adv-heading3178_3daf1c-53 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3178_3daf1c-53\">4.1.1.1.2. Eligibility criteria<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You should have to consider the eligibility criteria of the markets your Company is considering listing its bonds, either a regulated market or an MTF, in Portuguese markets or abroad.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your Company chooses to request admission to trading of bonds on a Portuguese regulated market or the MTFs managed by Euronext, the requirements for admission on each market are shown below:<\/p>\n\n\n<style>.kb-image3178_07269c-05:not(.kb-image-is-ratio-size) .kb-img, .kb-image3178_07269c-05.kb-image-is-ratio-size{padding-right:150px;}.kb-image3178_07269c-05 .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image3178_07269c-05 size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"533\" height=\"290\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-legenda-chap-3.1.1.1-2.png\" alt=\"\" class=\"kb-img wp-image-11589\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-legenda-chap-3.1.1.1-2.png 533w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-legenda-chap-3.1.1.1-2-300x163.png 300w\" sizes=\"auto, (max-width: 533px) 100vw, 533px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Issuer<\/strong><\/p>\n\n\n<style>.kb-image3178_c48d71-9e .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image3178_c48d71-9e size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1473\" height=\"2801\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1.png\" alt=\"\" class=\"kb-img wp-image-11578\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1.png 1473w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1-158x300.png 158w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1-539x1024.png 539w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1-768x1460.png 768w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1-808x1536.png 808w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-1-chap-4.1.1.1-1077x2048.png 1077w\" sizes=\"auto, (max-width: 1473px) 100vw, 1473px\" \/><\/figure>\n\n\n<style>.kb-row-layout-id3178_4552e5-c9 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_4552e5-c9 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_4552e5-c9 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_4552e5-c9 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_4552e5-c9 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_4552e5-c9 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_4552e5-c9 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_24f23f-a4 > .kt-inside-inner-col{padding-right:20px;padding-left:20px;}.kadence-column3178_24f23f-a4 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_24f23f-a4 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_24f23f-a4 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_24f23f-a4 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_24f23f-a4:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_24f23f-a4 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_24f23f-a4{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_24f23f-a4 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_24f23f-a4 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_24f23f-a4 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\"><strong>SMEs<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Companies that have a market capitalisation of less than \u20ac 200 million (if listed) or according to their last annual or consolidated accounts meet at least two of the following three criteria: an average number of employees during the financial year of less than 250, a total balance sheet not exceeding \u20ac 43 million and an annual net turnover not exceeding \u20ac 50 million (if unlisted).<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Offered bonds<\/strong><\/p>\n\n\n<style>.kb-image3178_67fb79-db .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image3178_67fb79-db size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1472\" height=\"696\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-2-chap-4.1.1.1.png\" alt=\"\" class=\"kb-img wp-image-11580\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-2-chap-4.1.1.1.png 1472w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-2-chap-4.1.1.1-300x142.png 300w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-2-chap-4.1.1.1-1024x484.png 1024w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-table-2-chap-4.1.1.1-768x363.png 768w\" sizes=\"auto, (max-width: 1472px) 100vw, 1472px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Listing process<\/strong><\/p>\n\n\n<style>.kb-image3178_76ed20-fb .kb-image-has-overlay:after{opacity:0.3;}<\/style>\n<figure class=\"wp-block-kadence-image kb-image3178_76ed20-fb size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1460\" height=\"675\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-Table-3-chap-4.1.1.1.png\" alt=\"\" class=\"kb-img wp-image-11583\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-Table-3-chap-4.1.1.1.png 1460w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-Table-3-chap-4.1.1.1-300x139.png 300w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-Table-3-chap-4.1.1.1-1024x473.png 1024w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/09\/EN-Table-3-chap-4.1.1.1-768x355.png 768w\" sizes=\"auto, (max-width: 1460px) 100vw, 1460px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Financial information<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"374\" src=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/08\/3.1.1.1.2.-Informacao-financeira-ENG-1-1024x374.png\" alt=\"\" class=\"wp-image-13123\" srcset=\"https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/08\/3.1.1.1.2.-Informacao-financeira-ENG-1-1024x374.png 1024w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/08\/3.1.1.1.2.-Informacao-financeira-ENG-1-300x110.png 300w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/08\/3.1.1.1.2.-Informacao-financeira-ENG-1-768x281.png 768w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/08\/3.1.1.1.2.-Informacao-financeira-ENG-1-1536x561.png 1536w, https:\/\/www.guiadoemitente.pt\/wp-content\/uploads\/2022\/08\/3.1.1.1.2.-Informacao-financeira-ENG-1-2048x749.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading3178_218f10-9e, .wp-block-kadence-advancedheading.kt-adv-heading3178_218f10-9e[data-kb-block=\"kb-adv-heading3178_218f10-9e\"]{font-size:18px;font-weight:bold;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading3178_218f10-9e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading3178_218f10-9e[data-kb-block=\"kb-adv-heading3178_218f10-9e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading3178_218f10-9e img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading3178_218f10-9e[data-kb-block=\"kb-adv-heading3178_218f10-9e\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p id=\"appointment-of-advisors\" class=\"kt-adv-heading3178_218f10-9e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading3178_218f10-9e\">4.1.1.1.3. Appointment of advisors<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Do you know who to ask for assistance in the Bond Offering process?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Besides the Company\u2019s Management, advisors may typically have a crucial role in the Bond Offering process, for instance, by assisting with preparation of the documentation for the offering, ensuring that all the eligibility criteria are fulfilled, by managing the marketing and sale of the Company\u2019s bonds and dedicating time to the analysis on how to \u2018\u2018position\u2019\u2019 the Company to achieve a successful offering. Therefore, an experienced and motivated team will increase the likelihood of an orderly and professional offering process and a positive reception from investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What factors should companies consider when selecting advisors?<\/strong><\/p>\n\n\n<style>.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);}.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}.kb-row-layout-id3178_a76427-a6 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and (max-width: 1024px){.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}}@media all and (max-width: 767px){.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}.kb-row-layout-id3178_a76427-a6 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_a76427-a6 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-3-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_a71bd9-d3:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_a71bd9-d3{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_a71bd9-d3 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_a71bd9-d3 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><strong>Track Record<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Has the advisor been involved in successful Bond Offering processes? Does the legal advisor hold strong knowledge and practice in capital markets and industry specific legislation and regulation?<\/p>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_bf373c-f8 .kt-block-spacer{height:50px;}.wp-block-kadence-spacer.kt-block-spacer-3178_bf373c-f8 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_bf373c-f8\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_75719d-64 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_75719d-64 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_75719d-64 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_75719d-64 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_75719d-64 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_75719d-64 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_75719d-64:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_75719d-64 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_75719d-64{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_75719d-64 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_75719d-64 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_75719d-64 inner-column-2\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><strong>Reputation and Experience<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Can the advisor provide special insights, advice, and research on the industry? Does the advisor have strong relationships with investors from the Company\u2019s sector? Is the advisor perceived as credible by the capital markets?<\/p>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_e5b648-dd > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_e5b648-dd > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_e5b648-dd > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_e5b648-dd > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_e5b648-dd > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_e5b648-dd > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_e5b648-dd:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_e5b648-dd > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_e5b648-dd{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_e5b648-dd > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_e5b648-dd > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_e5b648-dd inner-column-3\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><strong>Analyst Coverage<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Do research analysts cover the industry and comparable companies (at national and international level)?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><\/p>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_6da476-1a .kt-block-spacer{height:140px;}.wp-block-kadence-spacer.kt-block-spacer-3178_6da476-1a .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_6da476-1a\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:12px;padding-bottom:25px;}.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}.kb-row-layout-id3178_893a97-ff > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and (max-width: 1024px){.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}}@media all and (max-width: 767px){.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}.kb-row-layout-id3178_893a97-ff > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_893a97-ff alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-3-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_1af9f9-58 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_1af9f9-58:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_1af9f9-58 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_1af9f9-58{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_1af9f9-58 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_1af9f9-58 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><strong>Distribution Strength<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Does the advisor have solid distribution capabilities with retail and institutional investors? How effective is its retail sales force and its institutional sales force? Can the advisor reach regional, national or international?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_36ddd7-8e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_36ddd7-8e:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_36ddd7-8e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_36ddd7-8e{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_36ddd7-8e > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_36ddd7-8e inner-column-2\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><strong>Commitment to the Company<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Will the advisor make the Company\u2019s offering a priority?<\/p>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_884b11-a8 .kt-block-spacer{height:105px;}.wp-block-kadence-spacer.kt-block-spacer-3178_884b11-a8 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_884b11-a8\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_615cd4-05 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_615cd4-05 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_615cd4-05 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_615cd4-05 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_615cd4-05 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_615cd4-05 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_615cd4-05:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_615cd4-05 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_615cd4-05{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_615cd4-05 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_615cd4-05 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_615cd4-05 inner-column-3\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\"><strong>Aftermarket Support<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Will the advisor continue to advise the Company as a Company with publicly traded bonds and, when applicable, present it to potential investors?<\/p>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_3ec069-5f .kt-block-spacer{height:50px;}.wp-block-kadence-spacer.kt-block-spacer-3178_3ec069-5f .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_3ec069-5f\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\">The Company must dialogue with potential advisor candidates to measure how well they understand both the capital markets environment and, the Company and respective industry, and the aspects that investors will focus on in deciding whether to invest. To better decide between potential advisor, companies may test their knowledge regarding:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_6f37c4-54:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_6f37c4-54 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:10px;margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_6f37c4-54 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items3178_6f37c4-54 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items3178_6f37c4-54 kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-3178_8051af-fd .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_8051af-fd .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_8051af-fd kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Other Company\u2019s comparables;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_af26e0-ff .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_af26e0-ff .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_af26e0-ff kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Experience in capital markets and industry specific legislation and regulation;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_fc9029-49 .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_fc9029-49 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_fc9029-49 kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">How the Company\u2019s bonds expected valuation compares to the comparables\u2019 bonds valuation;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_dddb70-3a .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_dddb70-3a .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_dddb70-3a kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Recent offerings have occurred in the Company\u2019s industry;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_ad8e6f-fc .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_ad8e6f-fc .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_ad8e6f-fc kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">The pros and cons of each market segment;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-3178_1bcc16-1d .kt-svg-icon-list-single{font-size:20px !important;}.kt-svg-icon-list-item-3178_1bcc16-1d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3178_1bcc16-1d kt-svg-icon-list-style-default\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_checkCircle kt-svg-icon-list-single\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"\/><polyline points=\"22 4 12 14.01 9 11.01\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">What are the main steps your Company needs to take prior to the Bond Offering and how can the advisor help you.<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_1fbe86-63 .kt-block-spacer{height:40px;}.wp-block-kadence-spacer.kt-block-spacer-3178_1fbe86-63 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_1fbe86-63\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n<style>.kb-row-layout-id3178_daed5e-db > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_daed5e-db > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_daed5e-db > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:800px;margin-left:auto;margin-right:auto;padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_daed5e-db{border-left:1px solid transparent;}.kb-row-layout-id3178_daed5e-db > .kt-row-layout-overlay{opacity:0.30;}.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep{height:100px;}.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep svg{width:100%;}.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep svg{fill:#ffffff!important;}@media all and (max-width: 1024px){.kb-row-layout-id3178_daed5e-db > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id3178_daed5e-db{border-left:1px solid transparent;}}@media all and (max-width: 1024px){.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep{height:px;}}@media all and (max-width: 1024px){.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep svg{width:%;}}@media all and (max-width: 767px){.kb-row-layout-id3178_daed5e-db > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_daed5e-db{border-left:1px solid transparent;}.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep{height:px;}.kb-row-layout-id3178_daed5e-db .kt-row-layout-bottom-sep svg{width:%;}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_daed5e-db alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_e475e9-b9 > .kt-inside-inner-col{padding-top:0px;padding-right:20px;padding-bottom:0px;padding-left:20px;}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col{min-height:36px;}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col,.kadence-column3178_e475e9-b9 > .kt-inside-inner-col:before{border-top-left-radius:36px;border-top-right-radius:36px;border-bottom-right-radius:36px;border-bottom-left-radius:36px;}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col{background-color:rgba(60, 71, 176, 0.05);}.kadence-column3178_e475e9-b9:hover > .kt-inside-inner-col{background-color:rgba(60,71,176,0.03);background-image:none;}.kadence-column3178_e475e9-b9 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_e475e9-b9{position:relative;}.kadence-column3178_e475e9-b9, .kt-inside-inner-col > .kadence-column3178_e475e9-b9:not(.specificity){margin-top:0px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column3178_e475e9-b9 > 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* 1 )\/2)))minmax(0, calc(90% - ((var(--global-kb-gap-md, 2rem) * 1 )\/2)));}.kb-row-layout-id3178_dee63b-35 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_dee63b-35 > .kt-row-column-wrap{grid-template-columns:repeat(2, minmax(0, 1fr));}}@media all and (max-width: 767px){.kb-row-layout-id3178_dee63b-35 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_dee63b-35 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_c9feba-4c > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_c9feba-4c > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_c9feba-4c > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_c9feba-4c > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_c9feba-4c{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_c9feba-4c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_c9feba-4c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_c9feba-4c inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-icon.kt-svg-icons3178_a74fbc-1c{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons3178_a74fbc-1c alignnone\"><style>.kt-svg-item-3178_ff345e-c6 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-3178_ff345e-c6 .kb-svg-icon-wrap{color:#444444;font-size:40px;margin-top:29px;margin-right:29px;margin-bottom:29px;margin-left:29px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-3178_ff345e-c6\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_lightbulb\"><svg viewBox=\"0 0 384 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M272 428v28c0 10.449-6.68 19.334-16 22.629V488c0 13.255-10.745 24-24 24h-80c-13.255 0-24-10.745-24-24v-9.371c-9.32-3.295-16-12.18-16-22.629v-28c0-6.627 5.373-12 12-12h136c6.627 0 12 5.373 12 12zm-143.107-44c-9.907 0-18.826-6.078-22.376-15.327C67.697 267.541 16 277.731 16 176 16 78.803 94.805 0 192 0s176 78.803 176 176c0 101.731-51.697 91.541-90.516 192.673-3.55 9.249-12.47 15.327-22.376 15.327H128.893zM112 176c0-44.112 35.888-80 80-80 8.837 0 16-7.164 16-16s-7.163-16-16-16c-61.757 0-112 50.243-112 112 0 8.836 7.164 16 16 16s16-7.164 16-16z\"\/><\/svg><\/span><\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column3178_96f309-dd > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_96f309-dd > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_96f309-dd > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_96f309-dd > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_96f309-dd{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_96f309-dd > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_96f309-dd > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_96f309-dd inner-column-2\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\"><strong>TIP<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"font-size:16px\">Advisors will not want to commit significant time and resources if they are not confident that the offering will be successfully completed. The number of the advisors approached depends partly on the attractiveness of your offering. If it is large and likely to attract larger firms, you may decide to approach more financial intermediaries. It is important, though, to inform potential advisors that you are approaching others..<\/p>\n<\/div><\/div>\n\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n<\/div><\/div>\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-3178_2e2eb6-5f .kt-block-spacer{height:40px;}.wp-block-kadence-spacer.kt-block-spacer-3178_2e2eb6-5f .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-3178_2e2eb6-5f\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Is a credit rating needed to proceed with an offering of bonds to the public?<\/strong><\/p>\n\n\n<style>.kb-row-layout-id3178_9b0840-29 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id3178_9b0840-29 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id3178_9b0840-29 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-sm, 1rem);row-gap:var(--global-kb-gap-md, 2rem);padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id3178_9b0840-29 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id3178_9b0840-29 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id3178_9b0840-29 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id3178_9b0840-29 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column3178_615bbf-21 > .kt-inside-inner-col{padding-right:10px;padding-left:10px;}.kadence-column3178_615bbf-21 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;}.kadence-column3178_615bbf-21 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column3178_615bbf-21 > .kt-inside-inner-col{flex-direction:column;}.kadence-column3178_615bbf-21 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column3178_615bbf-21 > .kt-inside-inner-col{background-color:rgba(241, 241, 241, 0.5);}.kadence-column3178_615bbf-21:hover > .kt-inside-inner-col{background-color:rgba(241,241,241,0.5);background-image:none;}.kadence-column3178_615bbf-21 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column3178_615bbf-21{position:relative;}@media all and (max-width: 1024px){.kadence-column3178_615bbf-21 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column3178_615bbf-21 > .kt-inside-inner-col{border-top:5px solid #F1F1F1;flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column3178_615bbf-21 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"wp-block-paragraph\"><strong>Credit Rating <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A credit rating refers to a quantified assessment of a borrower&#8217;s creditworthiness in general terms or with respect to a particular debt or financial obligation. Accordingly, the credit rating determines the ability of a company to fulfill its financial obligations within the defined deadline (i.e. likelihood a company will default or the credit risk carried by a debt instrument).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Credit assessment and evaluation for companies is performed by a credit rating agency. These rating agencies are paid by the Company looking for a credit rating for itself or one of its debt issues. A credit agency appraises the credit rating of a debtor by evaluating the qualitative and quantitative attributes of the Company in consideration. The information used in the referred appraisal may be obtained from internal information provided by the Company, such as audited financial statements, business plan, annual reports, as well as external information such as published news articles, analyst reports, overall industry projections and analysis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A credit agency is not involved in the offering process, therefore, is considered to deliver an independent and unbiassed opinion of the credit risk carried by a specific company looking for to raise financing through a bond issuance.<\/p>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\">It is not mandatory to have a credit rating to execute the bond offering and most of the debt issues do not present one. However, Companies may find it beneficial taking into account the specific conditions of the bond offering and the investors that will be targeted. For instance, having a credit rating may enhance the investors\u2019 appetite for the offer as there are some institutional investors that may only invest on bonds with a rating attributed to it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, obtaining a rating may be a requirement for the admission to listing. According to Euronext Rulebooks, companies qualifying as SMEs (view definition in <a href=\"https:\/\/www.guiadoemitente.pt\/4-1-1-1-planning\/\" target=\"_blank\" data-type=\"post\" data-id=\"3178\" rel=\"noreferrer noopener\">4.1.1.2. Eligibility criteria<\/a>) requesting an admission to listing of bonds via a retail offering \/ public offering are obliged to obtain a rating (in relation to the Company or the relevant bonds to be offered) from a credit rating agency duly registered with or certified by the European Securities and Markets Authority&nbsp;(ESMA), except if otherwise agreed by Euronext and the issuer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ESMA accredit credit rating agencies may be found on this website: <a href=\"https:\/\/www.esma.europa.eu\/supervision\/credit-rating-agencies\/risk\" target=\"_blank\" rel=\"noreferrer noopener\">CRA Authorisation (europa.eu)<\/a>. Currently there are three credit agencies that control most of the overall ratings market: Moody\u2019s Investor Services, Standard and Poor\u2019s (S&amp;P), and Fitch Group. The bigger agencies are normally more expensive than the smaller ones.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chances of success of the operation are increased if in the period that precedes a bond offering, the executive team of the Company carries a solid end-to-end planning process. Successful Bond Offering candidates will begin the planning process in advance. The planning phase (as well as the preparation phase) will vary greatly dependent on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-3178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-4-1-the-bond-journey"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/posts\/3178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/comments?post=3178"}],"version-history":[{"count":33,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/posts\/3178\/revisions"}],"predecessor-version":[{"id":13231,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/posts\/3178\/revisions\/13231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/media\/13236"}],"wp:attachment":[{"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/media?parent=3178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/categories?post=3178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.guiadoemitente.pt\/en\/wp-json\/wp\/v2\/tags?post=3178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}