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The Italian Minibonds Experience in Triveneto

In: Banking and Beyond

Author

Listed:
  • Nicola Carta

    (Ca’ Foscari University of Venice)

  • Caterina Cruciani

    (Ca’ Foscari University of Venice)

Abstract

This paper focuses on a relatively new form of corporate debt financing available to Italian SMEs called “minibonds”. Minibonds may be described as fixed-income securities with a medium–long term expiration date, issued by listed or non-listed SMEs aimed at supporting growth projects, future developments or refinancing operations. This paper focuses on the North-East area of Italy and looks at the difference between listed and non-listed issues of minibonds. This paper explores whether this choice is structurally determined and how recent normative developments may affect it and the overall demand for minibonds by investors. Moreover, we explore the literature trying to identify criteria for the determination of potential emitters and show that existing criteria likely underestimate the true potential supply and are largely ignored by firms.

Suggested Citation

  • Nicola Carta & Caterina Cruciani, 2020. "The Italian Minibonds Experience in Triveneto," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Caterina Cruciani & Gloria Gardenal & Elisa Cavezzali (ed.), Banking and Beyond, chapter 0, pages 215-236, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-45752-5_10
    DOI: 10.1007/978-3-030-45752-5_10
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