The FSI board is currently considering whether to split the bond into tranches, starting with a limited issue of €100m. Another point of discussion is how to split the share allocation between institutional and individual investors.

FSI CEO Mr Mauro Moretti stresses that FSI is a creditor against the Italian government and the regions for debts totalling €2bn, which represent delayed payments for train operating contracts.

By issuing the bond, FSI hopes to have sufficient resources to continue funding investments while also ensuring it can afford to pay employees and creditors, whose invoices are usually settled within 70 days.

Moretti has declared on many occasions that FSI cannot fund regional services through its own resources, arguing that the regions must honour the terms of their contracts.