Square peg round hole

Italy’s project finance rules have an awkward legal foundation. If investors and sponsors can gain the benefit of project bond technology, radical reforms are needed -

The recent placement of project bonds to finance Belgium’s A11 motorway made Italian lawyers wonder when it will be possible to structure a similar transaction under our national project bond laws. The asset class was introduced in Italy two years ago, with the aim of financing infrastructures and public interest services through bond markets rather relying solely on bank lending.

Originally published in IFLR/July/August 2014.

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