Barcelona Metro L9 Secured Bonds
Full terms, credit structure, and issuance documentation — pending final prospectus.
Credit Rights
In 2008, a public authority in Catalonia awarded a long-term concession for the construction and operation of a metro line, running until 2041. The line was completed in 2012 and opened to the public in 2016. The operation and maintenance of the metro were subcontracted in 2010, with payments flowing reliably from the public authority to the concession companies since 2011.
In 2023, part of the economic rights linked to the maintenance contract were transferred to AC Securities Lux for approximately €36.7 million. The Issuer now intends to acquire these rights for around €37 million, using proceeds from this bond issue. Part of the funds will be used to repay existing senior debt.
Overview of the Bond Issue
The bond issue consists of €29 million secured bonds with a nominal value of €100 each, issued at par and freely transferable. The bonds carry an annual interest rate of 5.5%, with interest paid periodically from 2027 until maturity, at which point investors will receive the nominal value together with any accrued and unpaid interest. They will be issued in fully registered, dematerialised form, governed by Maltese law, and are expected to be listed and traded on the Malta Stock Exchange.
The offer is open to a broad range of investors, including the general public, primarily through authorised intermediaries. The bonds constitute direct, unconditional obligations of the issuer, ranking pari passu among themselves and secured in respect of both principal and interest. They are rated BBB and are not underwritten.
Terms and Conditions
Issuer: AC Securities Lux (or designated entity)
Bond Size: €29 million
Nominal Value: €100 per bond
Coupon: 5.5% fixed p.a.
Maturity: 8 years and 3 months
Interest Payment: Semi-annual, starting 2027
Form: Fully registered, dematerialised
Governing Law: Maltese law
Listing: Expected on Malta Stock Exchange
Rating: BBB (expected from Ethfinance)
Security: Senior secured, ranking pari passu
Underwriting: Not underwritten; open subscription
Eligible Investors: General public & institutional, via authorised intermediaries
Security Structure
The bonds are secured against economic rights directly linked to the Metro L9 maintenance contract. Cash flows are paid directly by the Generalitat de Catalunya irrespective of passenger volumes, providing strong and predictable payment certainty.
Use of Proceeds
Acquisition of Credit Rights
Purchase of economic rights linked to the Metro L9 maintenance contract from AC Securities Lux
Repayment of Senior Debt
A portion of proceeds will repay existing senior indebtedness
Issuance & Listing Costs
Legal, regulatory, advisory, and Malta Stock Exchange listing fees
Key Dates (Indicative)
Prospectus Publication
Final prospectus published on MFSA registry and issuer website
Subscription Period
Open to general public and institutional investors via authorised intermediaries
Issue & Listing Date
Bonds issued and admitted to trading on the Malta Stock Exchange
First Coupon Payment
5.5% fixed coupon, paid semi-annually from 2027 to maturity
* All dates and terms are indicative and subject to the final prospectus.
Understanding the BBB Rating
Rated by Ethfinance · Expected Investment Grade · First rated bond in Malta
What BBB Means
BBB is an investment grade credit rating indicating the issuer has adequate capacity to meet its financial commitments. It sits above speculative grade territory, offering investors a meaningful level of credit confidence. Investment grade bonds are considered suitable for a wide range of investors including retail participants.
Why This Bond Qualifies
The rating reflects the bond's strong underlying structure: direct government payments from the Generalitat de Catalunya, a concession running until 2041, and a projected DSCR ranging from 1.45x to 2.28x — providing a comfortable buffer over debt service obligations across the bond term.
Rating Agency — Ethfinance
Ethfinance is an EU-registered credit rating agency. The BBB rating is currently expected based on preliminary assessment. The final confirmed rating will be published alongside the prospectus and forms part of the mandatory regulatory disclosure.
Historic Significance
This is expected to be the first rated bond in Malta — a milestone for Maltese capital markets combining an EU-regulated issuer, a formally rated instrument, and a listing on the Malta Stock Exchange, opening the bond to a broader institutional and retail investor base.
* The BBB rating is expected and not yet final. It is based on preliminary assessment by Ethfinance and is subject to change upon final review of the prospectus. This does not constitute investment advice.
The Team Behind the Issuance
A team of fixed income professionals with more than 20 years of experience, supporting funds through every stage of their development across a wide range of asset classes.
Alberto Llaneza Martin
Executive Director / CEO & Founder of Audentia Capital Group
David Bonnett
Non-Executive Director – Audit Committee member
David Demarco
Non-Executive Director – Audit Committee Chairman
Romeo Cutajar
Non-Executive Director – Audit Committee member
Ivan Cini
Executive Director
Institutional Partners
Trusted partners supporting the issuance
* Logo placeholders shown – official partner logos can be substituted directly