Debt issuance
Market funding for established companies, as an alternative or complement to bank debt. Alter5 prepares the issue and presents it to investors alongside a placement agent.
Nine financial metrics, calculated from the data entered.
The issue can take one of two structures: conventional, or with a European Investment Fund guarantee. Which one applies is determined in the analysis, on the basis of the company's profile and the use of proceeds.
The general structure, not tied to any public programme or to a specific use of proceeds.
The same structure, with a European Investment Fund guarantee against default. Its application is conditional on the InvestEU eligibility criteria.
Ineligibility for the guarantee does not exclude the conventional structure: both are forms of a single issue. The European Investment Fund guarantee is subject to eligibility, approval and the applicable terms, and does not in itself imply a better credit assessment or a lower cost of funding.
The process
The first stage carries no upfront cost and requires no documentation.
Based on nine financial metrics, the platform produces an indicative result, identifies the factors weighing on the profile and links each outstanding requirement to the rule that imposes it.
Audited accounts for recent financial years, a business plan with projections and details of the banking pool, supplemented by public sources. The documentation requested is what a formal rating process requires, and the purpose of each item is stated.
Preparation of the business and financial profiles under rating agency methodology, and a meeting with the company to resolve gaps or inconsistencies in the information. The aim is to begin the formal process with complete documentation.
Determination of the amount, tenor, coupon type, amortisation schedule and security. Indicative pricing is calculated from comparable issues actually placed.
Alter5 presents the issue, together with the placement agent, to prospective registered investors.
Admission to the selected market.
Alter5 gathers, organises and analyses the company's information and prepares the issue.
Third-party costs (placement agent, rating agency, registered adviser, legal counsel and paying agent) are borne by the issuer, and Alter5 coordinates them with each provider.
Markets
Four listing venues, depending on the profile of the issuer and of the issue.
Spain
The Spanish alternative fixed-income market. It is the market on which the platform holds its own data: the admission requirements of Circular 1/2025 and a base of comparable issues from which indicative pricing is calculated.
Austria
A segment of the Vienna Stock Exchange, frequently used by European midcaps.
Ireland
Market for bond issues.
Luxembourg
Euro MTF and regulated market; a common venue for international issues.
The listing venue is confirmed during structuring, together with the remaining terms of the issue.
The issue is presented to investors registered on the platform whose investment criteria match the type of financing sought.
Registration as an investor does not entail any commitment to invest. Participation in a given issue depends on each institution's investment criteria.
Rating
MARF Circular 1/2025 does not require a credit rating, but unrated positions carry a higher regulatory capital charge for institutional investors and can make placement unviable.
Alter5 prepares the analysis that precedes the formal rating: business profile, financial profile, liquidity and sector cyclicality, on the basis of the rating agencies' published methodologies.
Alter5 is not a credit rating agency registered with ESMA and does not issue credit ratings. The formal rating is a matter for the agency, in accordance with its methodology and under its responsibility.
The preliminary profile assessment carries no cost and takes place before any transaction expense is incurred. If the company's profile does not support an issue, the result states the reason and loan financing is assessed on the same figures.
Preliminary assessment
No documents required and no commitment. The result states whether the company has the profile to issue and, if not, the specific reason.
Revenue, EBITDA, EBIT, finance costs, financial debt, cash, equity, amount and tenor.
Start the preliminary assessmentFor funding by way of a loan: Corporate financing
For institutional investors subscribing to the bonds: Bond and issuance programme
The preliminary profile assessment is indicative and not binding. It does not constitute a credit rating and does not guarantee admission to a market, placement or liquidity of the issue. The formal rating is a matter for an agency registered with ESMA. Pricing references are indicative and do not amount to a quotation for the total cost of issuing. The European Investment Fund guarantee is subject to eligibility, approval and the applicable terms, and does not in itself imply an improvement in the credit assessment or a lower cost of funding.
