{"id":3168,"date":"2022-08-22T08:14:24","date_gmt":"2022-08-22T08:14:24","guid":{"rendered":"https:\/\/www.guiadoemitente.pt\/?p=3168"},"modified":"2022-09-16T11:21:46","modified_gmt":"2022-09-16T11:21:46","slug":"4-1-1-full-scope-bond-offering-process-bond-offering-with-prospectus","status":"publish","type":"post","link":"https:\/\/issuers-guide.buzzvel.work\/en\/4-1-1-full-scope-bond-offering-process-bond-offering-with-prospectus\/","title":{"rendered":"4.1.1 Full Scope Bond Offering Process (Bond Offering with Prospectus)"},"content":{"rendered":"\n<p>If the admission to trading of your Company&#8217;s bonds takes place on a regulated market and\/or if the Offer takes place through a Public Offer, the Company needs to prepare and disclose an EU Prospectus (unless any of the exemptions referred apply). This section aims to present to potential issuers the roadmap to follow in those situations.<\/p>\n\n\n\n<p><\/p>\n\n\n<style>#kt-layout-id_ff1712-55 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_ff1712-55 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_ff1712-55 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:640px;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:0px;padding-bottom:108px;grid-template-columns:repeat(2, minmax(0, 1fr));}#kt-layout-id_ff1712-55 > .kt-row-layout-overlay{opacity:1;mix-blend-mode:multiply;}@media all and (max-width: 1024px){#kt-layout-id_ff1712-55 > .kt-row-column-wrap{grid-template-columns:repeat(2, minmax(0, 1fr));}}@media all and (max-width: 767px){#kt-layout-id_ff1712-55 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_ff1712-55\" class=\"kt-row-layout-inner kt-layout-id_ff1712-55\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row kb-theme-content-width\"><style>.kadence-column_8dcff1-00 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_8dcff1-00 > .kt-inside-inner-col,.kadence-column_8dcff1-00 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_8dcff1-00 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_8dcff1-00 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_8dcff1-00 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_8dcff1-00 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_8dcff1-00{position:relative;}@media all and (max-width: 1024px){.kadence-column_8dcff1-00 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_8dcff1-00 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_8dcff1-00\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_7402de-b2, .wp-block-kadence-advancedheading.kt-adv-heading_7402de-b2[data-kb-block=\"kb-adv-heading_7402de-b2\"]{font-size:18px;line-height:22px;font-style:normal;font-family:\"Lucida Sans Unicode\", \"Lucida Grande\", sans-serif;}.wp-block-kadence-advancedheading.kt-adv-heading_7402de-b2 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_7402de-b2[data-kb-block=\"kb-adv-heading_7402de-b2\"] 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-heading_7402de-b2 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_7402de-b2[data-kb-block=\"kb-adv-heading_7402de-b2\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h2 class=\"kt-adv-heading_7402de-b2 wp-block-kadence-advancedheading has-azul-2-color has-text-color\" data-kb-block=\"kb-adv-heading_7402de-b2\">Usually, the Bond Offering process is developed in 3 phases, namely Planning, Preparation &amp; Review and Offering &amp; Placement:<\/h2>\n<\/div><\/div>\n\n\n<style>.kadence-column_81dd11-3f > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_81dd11-3f > .kt-inside-inner-col,.kadence-column_81dd11-3f > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_81dd11-3f > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_81dd11-3f > .kt-inside-inner-col{flex-direction:column;}.kadence-column_81dd11-3f > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_81dd11-3f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_81dd11-3f{position:relative;}@media all and (max-width: 1024px){.kadence-column_81dd11-3f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_81dd11-3f > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_81dd11-3f\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-spacer.kt-block-spacer-_655ea8-5d .kt-block-spacer{height:71px;}.wp-block-kadence-spacer.kt-block-spacer-_655ea8-5d .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-_655ea8-5d\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_4634d7-85, .wp-block-kadence-advancedheading.kt-adv-heading_4634d7-85[data-kb-block=\"kb-adv-heading_4634d7-85\"]{text-align:right;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_4634d7-85 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_4634d7-85[data-kb-block=\"kb-adv-heading_4634d7-85\"] 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-heading_4634d7-85 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_4634d7-85[data-kb-block=\"kb-adv-heading_4634d7-85\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_4634d7-85 wp-block-kadence-advancedheading has-amarelo-2-color has-text-color\" data-kb-block=\"kb-adv-heading_4634d7-85\"><strong>Bond Offering &amp; Listing<\/strong><\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>#kt-layout-id_72eddb-a3{margin-top:-75px;}#kt-layout-id_72eddb-a3 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_72eddb-a3 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_72eddb-a3 > .kt-row-column-wrap{column-gap:40px;row-gap:var(--global-kb-gap-md, 2rem);max-width:750px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:0px;padding-bottom:10px;}#kt-layout-id_72eddb-a3 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}#kt-layout-id_72eddb-a3 > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}#kt-layout-id_72eddb-a3 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_72eddb-a3 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and (max-width: 1024px){#kt-layout-id_72eddb-a3 > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}}@media all and (max-width: 767px){#kt-layout-id_72eddb-a3 > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}#kt-layout-id_72eddb-a3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_72eddb-a3\" class=\"kt-row-layout-inner kt-layout-id_72eddb-a3\"><div class=\"kt-row-column-wrap kt-has-3-columns kt-gutter-wide kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_84cb9a-27 > .kt-inside-inner-col{padding-top:10px;padding-bottom:20px;}.kadence-column_84cb9a-27 > .kt-inside-inner-col{min-height:0px;border-color:#10154B;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;}.kadence-column_84cb9a-27 > .kt-inside-inner-col,.kadence-column_84cb9a-27 > .kt-inside-inner-col:before{border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kadence-column_84cb9a-27:hover > .kt-inside-inner-col{border-color:#10154B;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;}.kadence-column_84cb9a-27 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_84cb9a-27 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_84cb9a-27 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_84cb9a-27 > .kt-inside-inner-col{background-color:rgba(16, 21, 75, 0.2);}.kadence-column_84cb9a-27 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_84cb9a-27{position:relative;}@media all and (max-width: 1024px){.kadence-column_84cb9a-27 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_84cb9a-27 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_84cb9a-27\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_515ff5-29, .wp-block-kadence-advancedheading.kt-adv-heading_515ff5-29[data-kb-block=\"kb-adv-heading_515ff5-29\"]{margin-top:0px;padding-top:0px;text-align:center;font-size:16px;line-height:29px;font-style:normal;letter-spacing:0.5px;}.wp-block-kadence-advancedheading.kt-adv-heading_515ff5-29 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_515ff5-29[data-kb-block=\"kb-adv-heading_515ff5-29\"] 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-heading_515ff5-29 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_515ff5-29[data-kb-block=\"kb-adv-heading_515ff5-29\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h2 class=\"kt-adv-heading_515ff5-29 wp-block-kadence-advancedheading has-azul-3-color has-text-color\" data-kb-block=\"kb-adv-heading_515ff5-29\">Planning<\/h2>\n<\/div><\/div>\n\n\n<style>.kadence-column_677b2a-ca > .kt-inside-inner-col{padding-top:10px;padding-bottom:10px;padding-left:0px;padding-right:0px;}.kadence-column_677b2a-ca > .kt-inside-inner-col{min-height:100px;border-color:#10154B;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;}.kadence-column_677b2a-ca > .kt-inside-inner-col,.kadence-column_677b2a-ca > .kt-inside-inner-col:before{border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kadence-column_677b2a-ca:hover > .kt-inside-inner-col{border-color:#10154B;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;}.kadence-column_677b2a-ca > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_677b2a-ca > .kt-inside-inner-col{flex-direction:column;}.kadence-column_677b2a-ca > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_677b2a-ca > .kt-inside-inner-col{background-color:rgba(16, 21, 75, 0.2);}.kadence-column_677b2a-ca:hover > .kt-inside-inner-col{background-color:rgba(16,21,75,0.2);background-image:none;}.kadence-column_677b2a-ca > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_677b2a-ca{position:relative;}@media all and (max-width: 1024px){.kadence-column_677b2a-ca > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_677b2a-ca > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_677b2a-ca\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_976f98-3f, .wp-block-kadence-advancedheading.kt-adv-heading_976f98-3f[data-kb-block=\"kb-adv-heading_976f98-3f\"]{margin-top:0px;padding-top:0px;text-align:center;font-size:16px;line-height:30px;font-style:normal;letter-spacing:0.5px;}.wp-block-kadence-advancedheading.kt-adv-heading_976f98-3f mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_976f98-3f[data-kb-block=\"kb-adv-heading_976f98-3f\"] 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-heading_976f98-3f img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_976f98-3f[data-kb-block=\"kb-adv-heading_976f98-3f\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h2 class=\"kt-adv-heading_976f98-3f wp-block-kadence-advancedheading has-azul-3-color has-text-color\" data-kb-block=\"kb-adv-heading_976f98-3f\">Preparation &amp; Review<\/h2>\n<\/div><\/div>\n\n\n<style>.kadence-column_35b24c-47 > .kt-inside-inner-col{padding-top:10px;padding-bottom:10px;padding-left:0px;padding-right:0px;}.kadence-column_35b24c-47 > .kt-inside-inner-col{min-height:100px;border-color:#10154B;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;}.kadence-column_35b24c-47 > .kt-inside-inner-col,.kadence-column_35b24c-47 > .kt-inside-inner-col:before{border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kadence-column_35b24c-47:hover > .kt-inside-inner-col{border-color:#10154B;border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;}.kadence-column_35b24c-47 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_35b24c-47 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_35b24c-47 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_35b24c-47 > .kt-inside-inner-col{background-color:rgba(16, 21, 75, 0.2);}.kadence-column_35b24c-47:hover > .kt-inside-inner-col{background-color:rgba(16,21,75,0.2);background-image:none;}.kadence-column_35b24c-47 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_35b24c-47{position:relative;}@media all and (max-width: 1024px){.kadence-column_35b24c-47 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_35b24c-47 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-3 kadence-column_35b24c-47\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_6a3604-65, .wp-block-kadence-advancedheading.kt-adv-heading_6a3604-65[data-kb-block=\"kb-adv-heading_6a3604-65\"]{margin-top:0px;padding-top:0px;text-align:center;font-size:16px;font-style:normal;letter-spacing:0.5px;}.wp-block-kadence-advancedheading.kt-adv-heading_6a3604-65 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_6a3604-65[data-kb-block=\"kb-adv-heading_6a3604-65\"] 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-heading_6a3604-65 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_6a3604-65[data-kb-block=\"kb-adv-heading_6a3604-65\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h2 class=\"kt-adv-heading_6a3604-65 wp-block-kadence-advancedheading has-azul-3-color has-text-color\" data-kb-block=\"kb-adv-heading_6a3604-65\">Offering &amp; Placement<\/h2>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>#kt-layout-id_9c21de-df > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_9c21de-df > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_9c21de-df > .kt-row-column-wrap{column-gap:40px;row-gap:var(--global-kb-gap-md, 2rem);max-width:800px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);}#kt-layout-id_9c21de-df > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}#kt-layout-id_9c21de-df > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}#kt-layout-id_9c21de-df > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_9c21de-df > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and (max-width: 1024px){#kt-layout-id_9c21de-df > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}}@media all and (max-width: 767px){#kt-layout-id_9c21de-df > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}#kt-layout-id_9c21de-df > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_9c21de-df\" class=\"kt-row-layout-inner kt-layout-id_9c21de-df\"><div class=\"kt-row-column-wrap kt-has-3-columns kt-gutter-wide kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_4b1cb0-b8 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_4b1cb0-b8 > .kt-inside-inner-col,.kadence-column_4b1cb0-b8 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_4b1cb0-b8 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_4b1cb0-b8 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_4b1cb0-b8 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_4b1cb0-b8 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_4b1cb0-b8{position:relative;}@media all and (max-width: 1024px){.kadence-column_4b1cb0-b8 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_4b1cb0-b8 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_4b1cb0-b8\"><div class=\"kt-inside-inner-col\">\n<p style=\"font-size:14px\">The Bond Offering&nbsp;planning should lay the framework for a successful Offer. In order to ascertain that a Bond Offering is the optimal choice (and if so, what is the best format for an Offer), Companies should diligently analyse and rank all available funding alternatives.<\/p>\n\n\n\n<p style=\"font-size:14px\">In this phase, it&#8217;s common to do the following steps:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_d5fb05-51:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_d5fb05-51 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:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap, .kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap a{font-size:14px;line-height:22px;}.kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_d5fb05-51 ul.kt-svg-icon-list .kt-svg-icon-list-level-2 .kt-svg-icon-list-single svg{font-size:16px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_d5fb05-51 kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Examine strategic alternatives and conduct a health check, preferably evaluate if the Company is perceived by Investors as suitable to proceed with the Issuance;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Consider the Eligibility Criteria for the available trading markets and determine the most appropriate market segment;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Select the key advisors who can help you throughout the issuance process.<\/span><\/li><\/ul><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column_e2b5ee-bd > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_e2b5ee-bd > .kt-inside-inner-col,.kadence-column_e2b5ee-bd > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_e2b5ee-bd > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_e2b5ee-bd > .kt-inside-inner-col{flex-direction:column;}.kadence-column_e2b5ee-bd > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_e2b5ee-bd > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_e2b5ee-bd{position:relative;}@media all and (max-width: 1024px){.kadence-column_e2b5ee-bd > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_e2b5ee-bd > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_e2b5ee-bd\"><div class=\"kt-inside-inner-col\">\n<p style=\"font-size:14px\">It is advisable to hire advisors to perform and assist some of the tasks, such as due diligence (if needed) and the regulatory requirements (fillings and documents), adaptation of the financial information if required. <\/p>\n\n\n\n<p style=\"font-size:14px\">Main steps in this phase are the following:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_3c873c-d8:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_3c873c-d8 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:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap, .kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap a{font-size:14px;line-height:22px;}.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-level-2 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-level-3 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_3c873c-d8 ul.kt-svg-icon-list .kt-svg-icon-list-level-4 .kt-svg-icon-list-single svg{font-size:16px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_3c873c-d8 kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Create a strong external Bond Offering team (bankers, attorneys, auditors, investor relations, and other advisers) and set a calendar for the Bond Offering;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Due Diligence (if needed);<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Drafting of the Prospectus;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-3 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Engagement with the Regulator for the approval of the Prospectus with the Market Operator for the filling of the Listing Application;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-4 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Develop the Marketing and Communication Plan.<\/span><\/li><\/ul><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column_05b23e-94 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_05b23e-94 > .kt-inside-inner-col,.kadence-column_05b23e-94 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_05b23e-94 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_05b23e-94 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_05b23e-94 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_05b23e-94 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_05b23e-94{position:relative;}@media all and (max-width: 1024px){.kadence-column_05b23e-94 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_05b23e-94 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-3 kadence-column_05b23e-94\"><div class=\"kt-inside-inner-col\">\n<p style=\"font-size:14px\">This is the last stage in the Bond Offering process and will culminate in the issuance of the bonds. This phase is key not only for the success of the Bond Offering but also for the Company\u2019s relationship with Investors, as this is a period in which the Company will have a high level of exposure and Investors\u2019 attention is highly focused.<\/p>\n\n\n\n<p style=\"font-size:14px\">The stages in this last phase are as follows:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_f87956-ef:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_f87956-ef 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:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_f87956-ef ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_f87956-ef ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_f87956-ef ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap, .kt-svg-icon-list-items_f87956-ef ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap a{font-size:14px;line-height:22px;}.kt-svg-icon-list-items_f87956-ef ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:16px;}.kt-svg-icon-list-items_f87956-ef ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:16px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_f87956-ef kt-svg-icon-list-columns-1 alignnone kt-list-icon-aligntop\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Publicise the Offer to Investors and collect subscription orders through financial institutions;<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fe_checkCircle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 24 24\" height=\"16\" width=\"16\" fill=\"none\" stroke=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 11.08V12a10 10 0 1 1-5.93-9.14\"><\/path><polyline points=\"22 4 12 14.01 9 11.01\"><\/polyline><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Allocation of bonds to investors and settlement of the Offer.<\/span><\/li><\/ul><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<p>Once you are knowledgeable about the required steps and with the help of experienced advisors, you should be able to navigate the Bond Offering process with relative ease. In this section you will find a detailed description of the 3 phases which culminate on the Bond Offering and listing of the bonds. Post-Listing in section \u201c<a href=\"https:\/\/issuers-guide.buzzvel.work\/5-1-leverage-the-opportunities-created\/\" target=\"_blank\" rel=\"noreferrer noopener\">5. Life as a company with securities admitted to trading<\/a>\u201d.<\/p>\n\n\n\n<p>A comprehensive timeline detailing main events during the process is presented <a href=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Timelines-chap-4-Debt.pdf\" data-type=\"URL\" data-id=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Timelines-chap-4-Debt.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If the admission to trading of your Company&#8217;s bonds takes place on a regulated market and\/or if the Offer takes place through a Public Offer, the Company needs to prepare and disclose an EU Prospectus (unless any of the exemptions referred apply). This section aims to present to potential issuers the roadmap to follow in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-3168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-4-1-the-bond-journey"],"acf":[],"_links":{"self":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/3168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/comments?post=3168"}],"version-history":[{"count":13,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/3168\/revisions"}],"predecessor-version":[{"id":10576,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/3168\/revisions\/10576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/media\/10579"}],"wp:attachment":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/media?parent=3168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/categories?post=3168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/tags?post=3168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}