Specifically, that law regulates the construction, operation and maintenance of highways under concession management and allows apparently retain the 1.2% interest instead of the usual 19% for this product. In fact of the matter is that the law grants the privilege to those operators who enjoy or were enjoying this regime in 1979 ... and this is the case Audas.
Thus, the issue will pay 6%, so that investors will receive 60 euros per year per 1,000 and the bank will incur 0.72 Euro cents, but after they deduct Finance 3 euros of income tax, provided they are subject to this tax. If the bonds do not enjoy the subsidy, investors would have to pay tax on 19% of interests: 60 euros taxes amount to 11.4 euros. But you can deduct 24% of those 60 euros (14.4 euros). 3 euros would be saved in taxes are the result of the 14.4 euros minus 11.4.
Today, there is nothing like it on the market yet .. care. In case of trouble, the only way to obtain liquidity would sell tickets on the secondary market which would take the vagaries of the retail price depending on the evolution of the share price. In addition, Audas recognizes that "it is possible to ensure that there will be an active trading market." Audas currently has five AIAF emissions trading with an outstanding balance of 417.3 million euros, payable from 1% to 2% below and above the placement price.
round off the issue (do not know whether good or bad ...) The Guarantee Fund covers deposits up to 100,000 euros per account holder and entity in case of problems with the bank. Audas bonds, although they are not subordinated - as done for instance with the preference shares sold banking - are dependent on the payment capacity of Ena Infraestructuras and would not benefit from the above warranty.
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