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Products and services > Corporate and Investment banking > Capital markets > Funding > Bonds with warrants Bonds with warrants
When warrantholders exercise their rights, they can acquire the shares, or other securities or goods underlying the bonds at a predetermined price, involving an additional cash outlay. Warrants can generally be detached from the bonds they were issued with and hence be traded separately.
Taxation
Bonds: "substitutive" tax is charged at a rate of 12.50% on interest and capital gains received by private individuals and other persons qualifying as such.
Warrants: "substitutive" tax is charged at a rate of 12.50% on interest and capital gains received by private individuals and other persons qualifying as such, or at a rate of 27% where the warrants enable their holders to acquire a "partecipazione qualificata" (significant equity interest) in the company.