Ringfencing comes to Europe

Author: | Published: 7 Jan 2011
Portuguese highway construction company Brisa has used a financial ringfencing structure to complete its corporate restructuring - the first time the technique has been used outside the UK for this type of work.

While ringfencing is not a new concept in Europe, its the first time that an existing company of Brisa's size and complexity (it is listed on Euronext Lisbon, a significant borrower from the European Investment Bank, securitisation originator...