Clifford Chance

Access by non-listed Spanish companies to the bond market

25 February 2013

Traditionally, non-listed Spanish companies have not had access to the bond market as a consequence, amongst other reasons, of the limitation imposed by article 405 of the Spanish Companies Law (Ley de sociedades de capital). Royal Decree-law 4/2013 removes, in certain scenarios, such limitations facilitating the financing of non-listed Spanish companies through the issuance of bonds.

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