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Non-Bank Financing for Euro Area Companies During the Crisis Read chapter Read first chapter

2017 | OriginalPaper | Chapter

10. Corporate Bonds for SMEs: A Study of Italian Minibonds

Authors : Roberto Malavasi, Giuseppe Riccio, Mauro Aliano

Published in: Access to Bank Credit and SME Financing

Publisher: Springer International Publishing

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Abstract

Starting in 2013, Italian small- and medium-sized enterprises (SMEs) can issue so-called ‘minibonds’. Such an instrument allows firms to diversify their funding sources, as they primarily rely on banking channels. By combining firm-level data gathered from Aida, supplied by Bureau van Dijk, with hand-collected data from specific firm reports, a quali/quantitative analysis is offered of firms issuing minibonds from January 2013 to June 2015. This study demonstrates that the observed firms differ not only in operating conditions and issuance motivations but also in their financial and economic characteristics. Finally, we offer some policy implications, aimed at improving the ability of such financial instruments to satisfy SME financial needs.

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previous chapter Credit Supply and Bank Interest Rates in the Italian Regions
next chapter Using Open-End Mutual Fund Resources to Finance SMEs: The Potential Market Share of ELTIFs
Appendix
Available only for authorised users
Footnotes
1
ExtraMot Pro is the segment designated for the listing of corporate bonds. It is not a market regulated according to the Market in Financial Instruments Directive (MiFID), but it belongs to the Multilateral Trading Facilities (MTF) category, which operates electronically and with limited requisites for admission (e.g., the publication of the last two years’ annual reports and the existence of an admission document with essential information).
 
2
The European Commission Recommendation 2003/361/CE defines SMEs as those firms with less than 250 employees and a turnover of no higher than 50 million euros or, alternatively, with total assets no higher than 43 million euros.
 
3
The Elite Program by Borsa Italiana S.p.A., or the Italian stock exchange, is a platform that provides Italian firms with a variety of services regarding the necessary industrial, financial and organizational knowledge to expand in international markets.
 
4
Graphics related to the indexes of ind3, ind4, ind5 and ind6 are available upon request.
 
5
Graphics associated with such elaborations are available upon request.
 
6
The charts related to ind3– ind6 are available upon request.
 
Literature
Area Economica di Confindustria Toscana. (2013). Linee guida sull’emissione di Minibond. Toscana: Confindustria.
Pavarani, A. (2006). L’equilibrio finanziario: criteri e metodologie nella logica di Basilea2. Milano: McGraw-Hill.
Metadata
Title
Corporate Bonds for SMEs: A Study of Italian Minibonds
Authors
Roberto Malavasi
Giuseppe Riccio
Mauro Aliano
Copyright Year
2017
Book
Access to Bank Credit and SME Financing

Print ISBN: 978-3-319-41362-4

Electronic ISBN: 978-3-319-41363-1

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-41363-1_10