Lombard loans on the Borsa Italiana.
Private credit against Borsa Italiana (Euronext Milan)-listed shares — pledged, not sold.
A Lombard loan against Borsa Italiana-listed shares is credit secured by a pledge of equity listed on the Borsa Italiana (Euronext Milan). The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment.
- Facilities are arranged against equity listed on the Borsa Italiana (Euronext Milan) (Borsa Italiana), Milan.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in EUR or cross-currency.
- Structured under CONSOB, with disclosure from 3% (5% for SMEs).
The venue
The principal Italian equities venue, with a distinctive concentration in financials, utilities, and industrial conglomerates. Now part of the Euronext federation, with harmonised market rules and pan-European order-book access.
Regulator and disclosure
The Borsa Italiana (Euronext Milan) operates under Commissione Nazionale per le Società e la Borsa (CONSOB). TUF (Testo Unico della Finanza) Art. 120: voting-rights notifications required at 3% (5% for SMEs), then 5%, 10%, 15%, 20%, 25%, 30%, 50%, 66.67%, 90%. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
Structuring a facility here
Lombard facilities against Borsa Italiana-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in EUR or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread.
| Exchange | Borsa Italiana (Euronext Milan) (Borsa Italiana) |
|---|---|
| City · Country | Milan · Italy |
| Regulator | Commissione Nazionale per le Società e la Borsa (CONSOB) |
| Disclosure | From 3% (5% for SMEs) |
| Principal indices | FTSE MIB, FTSE Italia Mid Cap, FTSE Italia Small Cap |
| Segments | Euronext Milan main market; Euronext STAR Milan (high-standards segment); Euronext Growth Milan (SME) |
| Currency · Tenor | EUR · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Financing a position listed on the Borsa Italiana?
Request terms →See also the country overview: Lombard loans in Italy.
Other exchanges in the region.
On this market, specifically.
Liquidity and the index
Borsa Italiana is now part of the Euronext federation, and its large caps — financials, utilities and industrial conglomerates — anchor the FTSE MIB, with mid- and small-cap indices beneath. Those leading names carry the free float and turnover a Lombard loan of scale needs, letting us advance against a substantial holding while any hedge or unwind stays within a session's normal volume. The high-standards STAR segment adds a well-governed mid-cap tier; on Euronext Growth Milan and the smaller lines liquidity is lighter, so we lower the advance rate and size the facility to what the book can absorb calmly.
Structuring notes
Settlement runs through Monte Titoli, now Euronext Securities Milan, so a Lombard credit against Italian equity is documented locally while the shares stay in the client's ownership, dividends and votes retained. Membership of Euronext brings a harmonised rulebook and pooled order book, but Italian law still governs disclosure and takeovers — the low TUF Article 120 thresholds in particular — so we match the structure to where a holding sits against those marks. For founding families with concentrated stakes in the conglomerates that populate the index, discretion and continuity of control are usually the point of the exercise.