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Issuance of the Euro-MTN programme in Italy
Advantages of issuing in dematerialised form
The need to overcome barriers to efficiency and to identify areas of harmonisation in the bond issuance process has been highlighted by several market initiatives, including the recent activities of the European Central Bank’s Debt Issuance Market Contact Group (DIMCG).
The DIMCG has identified complexities in the issuance process, from pre-trade through to post-trade, and additional features of the issuance process that could benefit from efficiency improvements and cost reduction. In particular, the group has highlighted the benefits of increased digitalisation of the issuance process and the need to remove conflicts of laws issues which, among others, could be perceived as obstacles to the full dematerialisation of debt securities in the international market.
In this paper we analyse Italian issuers’ issuance practices in the Eurobond market – especially the use of the Global Note form – with the purpose of clarifying certain conflicts of law aspects that over time have been considered as preventing the issuer from choosing full dematerialisation. It also describes the advantages of dematerialisation, from operational and legal simplification, to the significant enhancement of issuance digitalisation and lifecycle management.
Euronext published its Second Quarter 2021 Results on Thursday 29 July 2021, after market closing. The press release and the presentation are available on this page.
A replay of the analyst webcast is available via this link
The new frontier of the Eurobonds market
08/02/2023
Euronext Securities Milan and Clifford Chance Milan are pleased to invite you to the conference t
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- Italy