6.4.1 Taxation matters

Taxation matters Raising capital from debt or equity offerings have different impacts on the company’s taxation. Additionally, the taxation on the holders of the securities varies if it the security represents equity or debt. Below it is provided a brief overview of some of the more significant aspects of tax planning that you should consider, […]

6.3.1 Ongoing Costs

Introduction The companies with listed securities will face subsequent costs to the IPO/bond offering and related to the life of a company with listed securities, in particular the fees due to Euronext and the CMVM, as well as costs related to on-going and periodic disclosure requirements and secondary issues following a capital increase. Particularly for […]

6.2.1 Ongoing Requirements

Ongoing Requirements The existence of ongoing obligations and respective rules allows investors to be kept informed, and it is this information that enables investors to monitor at all times their interest (or lack of interest) in the Company. These obligations are intended to guarantee, in the first place, high levels of transparency that sustain the […]

5.1.3 Offering and placement

Introduction Following the issuing of the Prospectus, which is published on both the regulator’s and the Company’s website, the public offer period begins and the order book to collect orders from the institutional investors opens, which normally takes between 1 and 2 weeks. Management roadshow The Management roadshow refers to a series of sales presentations […]

5.1.2 Preparation

Introduction What are the necessary preparation steps you need to take? Preemptive setup Kick-off meeting Once all members of the Bond Offering team have been selected, the kick-off meeting brings them together to agree on: ► Their roles and responsibilities; ► The offering’s nature and structure, namely, whether it will be made through (i) a […]

5.1.1 Planning

Introduction The chances of success of the operation are increased if in period that precedes bond offering, the executive team of the potential issuer carries a solid end-to-end planning process. Successful Bond Offering candidates will begin the adjustment process well in advance of the public launch. In the Planning phase, the main aspects to be […]

5.1.0 Introduction

Introduction A regular Bond Offering process typically requires a significant amount of preparation. Nonetheless, the level of demand and planning period for the Bond Offering is highly dependent on the type of offer and market of the listing, being considerably more demanding in the case of admission to the Regulated market. Usually, the Bond Offering […]

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3.4.2 The trade and post-trade structure in Portugal

The trade and post-trade structure in Portugal

3.4.1 Trading

How to trade securities? Market Members Only companies that have obtained “Membership status” granted by Euronext are allowed to participate directly in the trading activities on Euronext markets. Accordingly, investors cannot trade directly in the Exchange. They require a Member to execute orders on their behalf at the Euronext trading platform. The accredited intermediaries for […]