Glossario

The procedure whereby a company, public body or other entity creates a financial instrument, normally in order to attract funds from the investors who purchase it. All the features of the instrument are decided at issuance. For instance, in the case of bonds, the face value, the maturity date, the coupon payment amount, and the terms and conditions for the circulation of the security. Most financial instruments are identified by a unique code called ISIN (International Securities Identification Number), assigned by the national central bank (e.g. Banca d'Italia), either at issue or when the security is traded.