Growing minibond market

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Sooner or later it had to happen. As part of the research by companies of alternative channels to banking indebtedness, the minibond instrument, which has not yet been developed with respect to its possibilities, is seeing interesting levels and rates of growth, both in Italy and in several European countries, even if the figures are still limited.

Born in 2013, the market dedicated to the instrument - ExtraMotPro - has now reached 303 quoted instruments, almost all minibonds, for a total of about 16 billion, and 196 companies willing to use it.

The use of the collected amount is varied, even if in almost all cases there is talk of the realization of a specific project, such as internationalization.

For Italy the drive comes from the Center North, although there are no shortage of the southern realities, while the main sectors are manufacturing and consumer goods, followed by energy, consumer services and finance.

All companies as long as they are not micro-enterprises or credit institutions can issue minibonds. On the other hand, minibonds can be subscribed by professional and qualified institutional subjects, such as SGRs, SICAVs, Pension Funds, insurance companies and banks.

An instrument that, although presenting advantages both issuers and underwriters, tax advantages and not only, also presents identifiable limits as well as costs, the need to change management mentality, creating totally transparent financial statements and company projects, and moving from a management maybe a managerial family, just like in the case of a stock market listing.

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