Corporate Bonds for SMEs: A Study of Italian Minibonds
AbstractStarting 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 SMEs’ financial needs.
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