We pride ourselves on our approachable, collegial and team-based way of working.
We always strive to exceed the expectations of our clients.
Our professional activity is highly based on criteria of financial behavior dictated by the major financial institutions:
ESG (Environmental, Social and Governance), is considered the basis for assessing the sustainability of investments and refers to the environmental impact of a company's business, is related to respect for human rights, gender policies, working standards and relations with the civil community, with a governance to corporate governance practices, from control procedures to the composition of the board of directors, up to the remuneration policy for managers.
Euro medium-term note (“EMTN”) programs are MTN programs Medium-Term Note Programs”), which are intended primarily for securities offerings outside the United States, and particularly in Europe and European companies and banks with an ongoing need for capital may only have an EMTN program.
The key pieces of legislation governing EMTN programs were enacted pursuant to the Financial Services Action Plan (“FSAP”), which was intended to improve the single market for financial services in the European Economic Area (the “EEA”). The FSAP’s strategic objectives are to ensure a single market for wholesale financial services, to develop open and secure retail markets, and to implement up-to-date prudential supervision rules. In addition, the Capital Markets Union Action Plan (“CMU Action Plan”) was launched in 2015 with an objective to, amongst others, establish a genuine single market in the EEA and facilitate cross border investments.
The principal European legislation governing the offering of securities under EMTN programs is the Prospectus Directive 2003/71/EC (the “PD”). It is a “maximum harmonization directive,” meaning that EEA member states are, subject to limited exceptions, unable to impose more stringent prospectus requirements than those contained within the PD. It has created a single regime governing the content, format, approval and publication requirements for prospectuses in the EEA, including the ability to “passport” a prospectus approval from one EEA member state to another.
On 24 November 2010, the European Union Parliament and Council passed a directive making certain proposed amendments to the PD. The amending directive (the “Amending Directive”) has entered into force and was required to be implemented by Member States by 1 July 2012.
In November 2015, as part of the CMU Action Plan, the European Commission published a legislative proposal for a regulation to replace the existing, amended PD. Regulation (EU) 2017/1129 (“PD III Regulation”) entered into force on 20 July 2017 and will apply from 21 July 2019 (save for several specific provisions, which apply from 2017 or 2018).
An IPO is short for an “Initial Public Offering and it is when a company initially offers shares of stocks to the public, also called "going public." An IPO is the first time the owners of the company give up part of their ownership to stockholders.
The IPO is an exciting time for a company and it means it has become successful enough to require a lot more capital to continue to grow. It's often the only way for the company to get enough cash to fund a massive expansion. The funds allow the company to invest in new capital equipment and infrastructure and it may also pay off debt.
Stock shares are useful for mergers and acquisitions but if the company wants to acquire another business, it can offer shares as a form of payment.
For the owners, it's finally time to cash in on all their hard work. These are either private equity investors or hedge funds. They usually award themselves a significant percentage of the initial shares of stock. They stand to make millions the day the company goes public.
Many also enjoy the prestige of being listed on the London Stock Exchange.
For investors, it's called getting in on "the ground floor." That's because IPO shares can skyrocket in value when they are first made available on the stock market.
Project finance is the funding (financing) of long-term infrastructure, industrial projects, and public services using a non-recourse or limited recourse financial structure. The debt and equity used to finance the project are paid back from the cash flow generated by the project.
Project financing is a loan structure that relies primarily on the project's cash flow for repayment, with the project's assets, rights, and interests held as secondary collateral. Project finance is especially attractive to the private sector because companies can fund major projects off-balance sheet.
The project finance structure for a build, operate and transfer (BOT) project includes multiple key elements.
Project finance for BOT projects generally includes a special purpose vehicle (SPV). The company’s sole activity is carrying out the project by subcontracting most aspects through construction and operations contracts. Because there is no revenue stream during the construction phase of new-build projects, debt service only occurs during the operations phase.
For this reason, parties take significant risks during the construction phase. The sole revenue stream during this phase is generally under an offtake agreement or power purchase agreement. Because there is limited or no recourse to the project’s sponsors, company shareholders are typically liable up to the extent of their shareholdings.
The project remains off-balance-sheet for the sponsors and for the government.
Project debt is typically held in a sufficient minority subsidiary not consolidated on the balance sheet of the respective shareholders. This reduces the project’s impact on the cost of the shareholders’ existing debt and debt capacity. The shareholders are free to use their debt capacity for other investments.
To some extent, the government may use project financing to keep project debt and liabilities off-balance-sheet so they take up less fiscal space. Fiscal space is the amount of money the government may spend beyond what it is already investing in public services such as health, welfare, and education. The theory is that strong economic growth will bring the government more money through extra tax revenue from more people working and paying more taxes, allowing the government to increase spending on public services.