Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

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On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers.

The most significant changes introduced by the Destinazione Italia Decree consist of the following six points:

- the lower substitute tax (imposta sostitutiva) now extended to the security package for corporate bonds (previously available only for bank loans);

- the privilegio speciale (akin to a floating charge) now permitted to secure corporate bonds (previously available only for bank loans)...

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