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Corporate Bonds for SMEs: A Study of Italian Minibonds

In: Access to Bank Credit and SME Financing

Author

Listed:
  • Roberto Malavasi

    (University of Cagliari)

  • Giuseppe Riccio

    (University of Cagliari)

  • Mauro Aliano

    (University of Cagliari)

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.

Suggested Citation

  • Roberto Malavasi & Giuseppe Riccio & Mauro Aliano, 2017. "Corporate Bonds for SMEs: A Study of Italian Minibonds," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Stefania Rossi (ed.), Access to Bank Credit and SME Financing, chapter 10, pages 257-285, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-41363-1_10
    DOI: 10.1007/978-3-319-41363-1_10
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    Keywords

    Bond markets; Firm financial structure;

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