ACS Finance p.l.c. announces 5.50% Secured Bonds maturing in 2034

ACS Finance p.l.c. has announced the issuance of €29 million 5.50% Secured Bonds maturing in 2034, with each bond having a nominal value of €100 and being redeemable at par upon maturity. 

The bonds will carry a fixed interest rate of 5.50% per annum, payable semi-annually, and will have a maturity of 8 years and 3 months. The bonds also carry an investment-grade BBB rating by EthiFinance  and will be listed on the Malta Stock Exchange. 

This Bond Issue is backed by a security package linked to the Group’s underlying infrastructure asset. The package comprises economic rights arising from a long-term public concession relating to the maintenance of Barcelona Metro Line 9 Sud stations in Catalonia, Spain. 

Find out more details on the Prospectus below. 

Business overview 

ACS Finance p.l.c. forms part of the Audentia Capital Group, an international alternative investment and infrastructure-focused group established in Malta in 2011. The Group operates across Malta, Luxembourg, Ireland, and Spain through regulated investment management, securitisation, and alternative investment structures.  

The Group manages over 100 investment vehicles with more than €3 billion in assets under management and has built a strong presence within alternative investments and infrastructure-backed financial structures.  

ACS Finance p.l.c. holds 36% of the economic rights arising from a government-funded public concession granted by the Catalonia region for the ordinary maintenance of 15 stations forming part of Line 9 Sud of the Barcelona Metro system. 

Overview of the underlying asset 

The underlying asset relates to Barcelona Metro Line 9 Sud, one of Europe’s largest and most modern metro infrastructure projects. The line connects Barcelona Airport with the city centre and surrounding neighbourhoods and is recognised as the longest automated metro line in Europe. 

The concession benefits from long-term availability-based payments, providing stable and predictable cashflows with no passenger demand risk. The concession runs until August 2041 and is ultimately supported by Infraestructures Ferroviàries de Catalunya (IFERCAT), the railway infrastructure agency fully owned by the Government of Catalonia. 

The Barcelona Metro Line 9 Sud project forms part of a sustainable public transport network aligned with EU Green Taxonomy objectives and supports low-emission urban mobility. It is operated under ESG-compliant standards and comprises 15 metro stations and 11 ventilation and emergency shafts across the operational section of Line 9 Sud.  

The stations include direct airport connectivity through the Aeroport T1 and Aeroport T2 stations, serving one of Spain’s busiest airports.  

The infrastructure is considered strategically important for the Catalonia region and benefits from continued governmental support through IFERCAT and the Generalitat de Catalunya. Passenger numbers across Barcelona’s metro network continue to grow steadily, with Line 9 Sud serving as a key transport link between Barcelona city centre and El Prat Airport. 

The concession has demonstrated a strong operational track record since operations began, with no historical deductions or penalties reported under the availability of payment mechanism. Maintenance obligations are managed under fixed contractual arrangements extending to 2041, further enhancing cashflow visibility. 

Use of proceeds 

The net proceeds from the Bond Issue will be utilised to finance the acquisition of the economic rights linked to the concession asset and support the Group’s broader infrastructure financing strategy. 

The Bond Issue is intended to strengthen the Group’s long-term funding structure while supporting continued investment in infrastructure-backed assets with stable cashflow characteristics. 

Bond highlights 

Bond Snapshot

Issuer	ACS Finance p.l.c.
Amount	€29,000,000
Coupon	5.50%
Coupon Frequency	Semi-annually
Maturity	2034
Status	Secured
Denomination	€100 per bond
Issue Price	At par
Rating	BBB by EthiFinance
Listing	Malta Stock Exchange

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Security package 

The Bonds are secured through a pledge over the economic rights associated with the underlying concession asset linked to Barcelona Metro Line 9 Sud. The asset has an estimated economic value of approximately €88 million according to the transaction structure presented. 

A Security Trustee will act on behalf of bondholders to hold and administer the security package collectively. The transaction structure is designed to provide investors with additional protection through secured exposure to long-term infrastructure-related cashflows. 

The Bonds benefit from an investment-grade BBB rating assigned by EthiFinance, an EU-registered credit rating agency, reflecting the concession’s availability-based revenue model and the credit quality of the Catalonia regional government supporting the concession payments. BBB is an investment grade credit rating indicating the issuer has adequate capacity to meet its financial commitments, offering investors a meaningful level of credit confidence.  

How to apply 

If you are considering participating in the Bond Issue, we recommend funding your account via bank transfer using your dedicated IBAN. Your IBAN details are available on the Moneybase platform, as well as on your portfolio and statement reports. Alternatively, you can add funds to your account instantly by card through the Moneybase app.   

There are no application fees associated with subscribing to this Bond Issue. 

Customers may apply through the following channels: 

Online 

Applications can be submitted through the Moneybase platform, available on iOS, Android, and web. To apply, search for the bond within the platform and complete your application in just a few steps. 

5.5% ACS Finance p.l.c. 2034 

The minimum subscription amount is €2,000, with additional subscriptions accepted in multiples of €100. 

Advisory 

Clients seeking investment advice or personalised assistance may contact their financial advisor or visit any of our branches located in Birkirkara, Mosta, Sliema and Fgura. 

Our advisory teams will be available throughout the application period to guide clients through the subscription process and answer any queries they may have. 

Our ISO-certified Customer Care team is available 7 days a week. Clients can get in touch via in-app live chat or by calling on +356 25 688 688. 

Calamatta Cuschieri Investment Services Limited is a member of the Maltese Investor Compensation Scheme. Instruments entrusted with us are covered under the Scheme in line with the Investor Compensation Scheme Regulations (S.L. 370.09). 

The information contained in this article is provided strictly for information purposes and does not constitute, nor should it be interpreted as, an offer, invitation, recommendation or solicitation to buy, sell or subscribe to any financial instrument or investment product. The information presented may be amended without prior notice and does not constitute investment advice, investment research or a guarantee of future returns or performance. 

Prospective investors are encouraged to read the applicable terms and conditions, Prospectus and offering documentation in full before making any investment decision. Investors should be aware that investments in financial instruments involve risks, including the possible loss of part or all of the capital invested, particularly in the event of default, insolvency and/or bankruptcy of the issuer. 

The financial instruments referred to herein are intended for retail clients; however, they may not be suitable or appropriate for all investors. Investors should make their own independent assessment and seek independent professional advice regarding the suitability and appropriateness of any investment, taking into account their individual investment objectives, financial situation and risk tolerance. 

The value of investments and any income derived therefrom may fluctuate and can go down as well as up. Past performance is not a reliable indicator or guarantee of future performance. Where investments are denominated in a currency other than the investor’s base or reporting currency, changes in foreign exchange rates may adversely affect the value and/or returns of the investment. 

Calamatta Cuschieri Investment Services Ltd, company registration number C13729, is licensed by the Malta Financial Services Authority to conduct investment services business under the Investments Services Act, Cap 370